• Foreign transactions, new data to be sent via SDI

    Since last 1 July, data on transactions with counterparties not residents in Italy must be transmitted to the SDI (Interchange System) in the XML format of the electronic invoice. In fact, the communication of transactions with foreign counterparties no longer consists in a quarterly communication but of a more detailed sending of data referring to […]

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  • New clarifications on Transfer Pricing – Assonime’s comments

    Assonime, through Circular 20/2022, summarizes some interpretative solutions of the Agenzia delle Entrate (the Italian tax authority), regarding recent regulatory references currently in force, with particular focus to Agenzia delle Entrate Circulars Nos. 15/2021 and 16/2022. The topics covered under Transfer Pricing Retroactivity of unilateral, bilateral and multilateral Advance Pricing Agreement On the subject of […]

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  • The new digital customs declaration

    The reform of the customs declaration opens a new process for the digital transformation that will be completed in 2025. It provides for the replacement of the DAU model (Administrative Document) in favour of a new model, called EUCDM (European Union Customs Data Model) – defined at European level, according to an implementation plan foresees […]

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  • Innovative ACE Credit Tax

    With the decree “Sostegni bis” was introduced the so called “innovative ACE”, which consists in the application of a nominal yield of 15%, instead of the usual 1.3%. Compared to the normal determination of the ACE base, the higher rate applies only to increases in own capital through cash injections and reserves of profits that […]

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  • The IMU declaration of Non-Commercial Entities

    Regulations, exemptions, deadlines and declaration methods for IMU Entities identified by Article 73 paragraph 1 letter c) of Presidential Decree 917/1986 are exempt from the payment of IMU under Article 7 paragraph 1 letter i) of Legislative Decree 504/1992, if they own and use real estate intended exclusively for the performance of welfare, social security, […]

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  • Restyling of the tax calendar: The “Decreto Semplificazioni”

    The D.L. 73/2022 (so-called “Decreto Semplificazioni”) was published in the Official Journal nr. 143 on the  21st of June 2022 and it contains several news that reshape considerably the tax calendar 2022. Below are summarized the most relevant. Periodic VAT Settlement Regarding the periodic VAT settlement, it has been defined the new deadline of the […]

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  • Tax domicile as the principal place of business and interests

    The notion of tax domicile must be interpreted and evaluated in relation to the place where the individual maintains both personal and economic relations. This is what emerges from the order filed by the Supreme Court last June 6, which, in truth, follows the well-established line of jurisprudence according to which, for the purpose of […]

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  • News on electronic invoicing 1 July 2022

    The 1st of July 2022 will be a defining moment for the way in which the transactions of various VAT taxable persons, for whom the obligation of electronic invoicing will be introduced under certain conditions. The persons affected by the new VAT rules are: flat-rate taxpayers, persons under the advantage regime and amateur sports associations; […]

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  • IMU 2022: Uncertainties over the Choice of the Main House

    June 16 is the deadline for the advance payment of the 2022 Municipal Property Tax (IMU). In calculating this year’s[1] tax, however, one must also consider the novelty introduced by the rule that requires each household to choose only one main house to be exempted. To start with, it may be useful recalling that a […]

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  • Operational instructions on transfer pricing

    Through Circular 16/E dated May 24th (henceforth “Circular”), the Italian Revenue Agency provided further operational instructions on Transfer Pricing. The content of the Circular rests on the centrality of the concept of “comparable transaction,” returning to the correct notion of the arm’s length interval and recalling what was clarified by the Decree of the Ministry […]

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  • By the 30 of June 2022 the application for the single allowance for dependent children

    On June 30, 2022, there’s the first deadline for submitting to INPS the Application useful for obtaining the new Universal Unique Allowance (hereinafter UUA), which replaces most of the pre-existing IRPEF tax deductions, and not only, for dependent children. The Application submission by the 30 of June 2022 will allow interested parties to receive the UUA also for previous monthly payments, starting from March 2022 (i.e., […]

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  • Covid State Aid – self-declaration by 30/06/2022

    Against the receipt of support measures, those who have received aid provided for in Sections 3.1 “Aid of limited amounts” and 3.12 “Aid in the form of uncovered fixed cost support” of the Temporary State Aid Framework[1] will have to submit a self-declaration for verification of compliance with the limits. The self-declaration must be submitted […]

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  • OAM Register and Cryptocurrencies

    The Ministerial Decree of January 23,2022 was published in the Official Gazzette of the Republic of Italy on February 17 ,2022, outlining the obligations that service providers relating to virtual currency[1]  and digital wallet service providers[2]  who intend to carry out their activities in Italy must meet. These obligations are primarily expressed in the following […]

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  • Amortization suspension – the extension for 2021 and 2022 is confirmed

    Law no. 25/2022, which converted Legislative Decree no. 4/2022, extended the option to suspend the amortization of tangible and intangible fixed assets for fiscal years 2021 and 2022. The principal technical aspects may be summarized as follows: subjective scope: the option is granted only to entities that do not adopt international accounting standards for the […]

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  • New Development Contracts concerning “Strategic production chains” and “Renewables and Batteries”: opening soon to submit the application

    On March 25th, 2022, Italian Ministry of Economic development has issued two Directorial Decrees setting the dates for application for funding in order to implement development project in accordance with the investment achievement of the National Recovery and Resilience Plan (NRRP). The above-mentioned Decrees refer to applications for subsidies to carry out either: Development Contracts […]

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  • Revocation of revaluations of business assets

    The revaluation of business assets, as provided for in Decree-Law 104/2020, has been an opportunity for many companies to highlight, on favourable terms compared to the past, the higher values of their assets and to take advantage of significant tax benefits. The objective scope was broad as it included tangible and intangible fixed assets, as […]

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  • Tax planning perspectives with the Lump-Sum regime

    The Private Client Services Andersen teams from Italy, Portugal, Spain, Switzerland and the United Kingdom recently published a comprehensive guide regarding their domestic remittance basis and lump-sum tax regimes. These regimes are present in many jurisdictions and aim to attract non-resident High Net Worth Individuals. There are also several regimes for inbound workers, aimed to […]

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  • WEB TAX: payment and declaration submission

    The Law Decree (DL 22.3.2021 n. 41), also called “Decreto Sostegni”, established the extension of the payment and the declaration deadline relating to the tax on digital services (also called Web tax), introduced in our system as of 1.1.2020 by Law 145/2018. The new deadlines set by the legislator are: 16 May of the following […]

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  • VAT Variation Notes – New paragraph 3-bis of art. 26, Presidential Decree n. 633/1972

    The Italian Tax Authority Revenue Agency intervenes in the complex issue of  VAT recovery on uncollected credits in insolvency proceedings with its circular no. 20/E/2021 in reference to the amendments made by the “Sostegni bis” decree to art. 26 of Presidential Decree n. 633/1972 (the so-called VAT Decree). The circular clarifies that, for insolvency proceedings […]

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  • Tax credits for businesses to cope with rising energy and gas prices

    Faced with the incisive costs that companies are incurring for the purchase of electricity and natural gas, the Government has sought to mitigate them through the provision of tax credits that can be used for compensation until 31 December 2022 (it is also provided the ability to transfer the credit, provided that it is in […]

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