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New deadlines for VAT deduction
The 2017 corrective measure (D.L. 24 April 2017 50, converted with amendments into L. 21 June 2017 n. 96) introduced some significant changes with regard to the deadlines within which taxpayers are required to exercise the right to deduct VAT relating to the purchase of goods and services and registering purchase invoices and customs bills […]
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Usa Tax Reform – Conference Agreement Proposal
Before Christmas it is expected the approval of the Tax Reform Bill. The new tax reform legislation is the first major overhaul of the U.S. tax system in three decades and contains significant changes for both individual and business taxpayers. This deepening provides ample opportunity for thought on the most significant topics touched by the […]
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Annual prepayment income tax, by December 27
In addition to monthly or quarterly VAT payments, an annual prepayment must be made by the 27 December. Please, see more details on the document (in Italian) attached. Our professionals are at your disposal to assist.
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Double taxation: new tax dispute resolution mechanisms
The Directive n. 1852 approved by Ecofin on 10 October 2017 has introduced a new tax dispute resolution mechanisms in the European Union in order to cover issues related to double taxation. Please see the attachment for further details.
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Bankruptcy and insolvency reform act 2017
The draft law n. 2681 for the bankruptcy and insolvency reform was approved on 11th october 2017 by the Senate of Italian Repubblic. Within twelve months the Chamber of Deputies will have to adopte one or more legislative decrees to develop the organic reform of insolvency proceedings and the review of privileges and guarantees. Bankruptcy […]
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Branch exemption and the recapture of losses
With the measure n. 165138 issued on August 28th, 2017, the Italian Revenue Agency approved the implementing provisions of the branch exemption regime, which has been introduced by the so-called “Internationalization Decree” and regulated by article 168 ter of the Italian Consolidated Tax Text (CITT). The Branch Exemption regime applies to resident companies operating in […]
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Deadline September 28, 2017: communication to Revenue Agency
The first deadline for sending the invoice data to the Revenue Agency is 28 September 2017 as to the data of the first half, by 28 February 2018 as to the data of the second half of 2017. These changes refer only to tax year 2017 and concern only the communication of invoice data. No […]
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Split Payment
D.L. 50/2017 introduced changes in Split Payment. Read more in the attached document (in Italian).
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ACE: coefficient reductions confirmed
With the final approval of the Conversion Bill of DL 50/2017, the rules of ACE (aid to economic growth) have been changed again. The Italian legislator confirmed that must be considered changes in equity capital from the year 2011 onwards for the calculation of the tax benefit, without needing to consider only changes of the […]
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Black List Costs – sanctions applicable to the past
Starting from 2016 the anti-tax-haven rules have been repealed. So today the new regime provides the full deductibility of the blacklist costs and furthermore the elimination of the obligation, previously required, to report separately blacklist costs on the tax return, and abolition of the related sanctions. Nevertheless the circular n. 39/E/2016 issued by the Italian […]
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Vat settlement postponed
With resolution n. 73 of June 20th, 2017, the Revenue Agency provided some clarification on the new deadlines for the payment of the VAT settlement. On the one hand it has been confirmed, as a general rule, the deadline of March 16th; on the other hand, the Agency established that this deadline can be postponed […]
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Postposed deadline for the electronic submission of Periodic Vat Settlements Communication
With the press release of May 29th, 2017, the Ministry of the Economy and Finance issued an official prorogation of the deadline to file the new fulfillment introduced by the Stability Law 2017, the Periodic Vat Settlements Communication, to the Tax Authority. Although no publication in the Official Journal occurred yet, the proposal is included […]
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Clarifications on reverse charge sanctions
For any further infomation please contact our Office.
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Simplified procedure in relation to pending tax litigations
Decree-Law 50/2017 has introduced into the Italian legal system a simplified procedure in relation to pending tax litigations, in which the Italian Revenue Agency acts as defendant. This procedure can be applied at all levels of appeal providing that taxpayer appeared before a judge within 31stDecember 2016. Taxpayer, that has applied to the simplified procedure […]
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Scheme of arrangement: write-off VAT debt
Before the amendment, Article 182 ter of Bankruptcy Law provided for the possibility of extending or partially cutting back some tax debts. However, this rule excluded the VAT debt and withholding tax, for which it was possible to propose only an extension of the terms, excluding the possibility of writing-off the nominal value of the […]
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Changes in tax credit off-setting through F24 forms
Decree Law n. 50/2017 introduced important news about Credit Compensation related to F24 Tax models. For further details please see the circular below. Our Professionals are at your disposal for any further information.
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Italy implements transfer pricing and patent box regime
Italy enacted into law important changes to its transfer pricing and patent box regime. Law Decree n. 50/2017 replaces the concept of “normal value” with a transfer pricing method that is in line with the OECD arm’s length principle, adds corresponding adjustments to Italian tax law, and updates the list of intellectual property that can […]
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Corrective budget adjustment 2017
The corrective fiscal package called “Urgent measures in financial matters, initiatives in favor of local authorities, further measures for areas affected by earthquakes and measures for the development”, was approved by the Cabinet in its meeting of April 11 2017, and amounted to more than 3,4 billion euros. The measure contains a series of measures […]
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Corrective action 2017 – VAT deduction
The new provision, by reformulating art. 17-ter of Presidential Decree No 633/72, reduces the right to deduct the tax on goods and services purchased or imported, by exercising it at the time when the VAT becomes due and, at the latest, with the declaration relating to the year in which the right to deduct has […]
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Voluntary Disclosure bis: our insights
The Government re-opens the terms of the so-called Voluntary Disclosure procedure. Taxpayers that have already taken advantage of the ‘first window’ will not have access to the procedure. To benefit from the Voluntary Disclosure-bis, the taxpayer must: submit an application to the Italian Revenue Agency correcting violations made up until 30 September 2016 (i.e. for […]
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