• The Superbonus 110% for the non-resident individuals

    Non-resident individuals who own real property in Italy can benefit from the deductions included in the so-called “Superbonus 110%” if they incur expenses for subsidized renovation activities. The possibility, for non-residents, to benefit from the aforementioned tax credit has been confirmed by the parliamentary inquiry no. 5-04433 of July 22, 2020, and by the circular […]

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  • Indirect e-commerce: new clarifications released by the Tax Authority

    With the opinion n. 416 of September 28, 2020, the Italian Tax Authority provided certain clarifications regarding the electronic storage and transmission of the daily revenues from indirect e-commerce. Considering that daily revenues from the indirect e-commerce transactions with final consumers are generally exempt from certification (provided that the customer does not require the invoice) […]

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  • Superbonus 110% transferable to buyers and heirs holding the property

    The “increased” deduction of 110%, relating to the interventions defined in Art. 119 of the Relaunch Decree, is transferable to the purchaser in the event of sale of the property or to the heir who materially holds it following the death of the holder of the deduction. In the event of the sale of a […]

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  • Suitable organizational structures and “231 models”: the new concept of corporate governance

    At a first glance, the company’s system of criminal liability pursuant to Legislative Decree no. 231/2001 and the new rules on insolvency proceedings pursuant to Legislative Decree no. 14/2019 (Code of Company Crisis and Insolvency) do not have common grounds. In truth, both disciplines are inspired by innovative conception of a proactive approach to counter […]

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  • The “cedolare secca” tax regime and rents of immovable property for business: contracts renewed in 2019

    The “cedolare secca” tax regime on rents for business use arising from contracts entered into or renewed in 2019 is also applicable to years subsequent to the first if the taxpayer has not opted for this regime when registering or renewing the contract. This is what emerged from answer number 388 of 22 September 2020 […]

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  • Sanitization bonus: defined percentage of use and tax code

    With a provision issued on July 10th 2020, the Revenue Agency had defined the criteria and methods for the application of the tax credit for the sanitization and purchase of personal protective equipment, introduced by the so-called Decreto Rilancio – Decree no. 34/2020. Among the criteria established there was the possibility of benefit from a […]

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  • New recovery fund for travel agencies and tour operators

    A new recovery fund for the COVID-19 emergency has been provided by the Italian Government for travel agencies and tour operators. The fund can be obtained by those companies whose activity is identified by the ATECO codes: 79.1, 79.11 e 79.12. Some requirements are demanded in order to receive it. The application  can only be […]

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  • Establishment of the tax code 4050 for the payment of suspended withholding taxes

    With resolution no. 50/E of 7th September 2020, the Inland Revenue established the tax code “4050” for the payment of suspended withholding tax by withholding agents between 17th March 2020 and 31st May 2020. The suspension, introduced by Article 19, paragraph 1, of Decree-Law no. 23 of 2020 (the so-called “Liquidità”), provided for the possibility […]

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  • Stop internal EU rules limiting VAT corrections

    The European Court of Justice, in Case C-835/18, held that national VAT rules which prevent, or make it excessively difficult for a taxpayer, to correct and claim a refund of the tax incorrectly charged on the invoice are unlawful because they are contrary to European rules and the principles of fiscal neutrality, effectiveness and proportionality […]

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  • Non-performing VAT receivables and credit notes: terms of issue defined by “August” Decree

    Faster recovery times for non-performing VAT credits. This is what was provided by Article no. 90 of “August” Decree, approved by Council of Ministers, which will rewrite the wording of Article no. 26 of Presidential Decree no. 633/72, regarding terms for issuing VAT credit notes. With regard to bankruptcy proceedings, VAT credit notes will be […]

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  • Internal auditing for limited company and cooperative company: obligation postponed until 2022

    In order to contain the negative effects of epidemiological emergency of COVID-19 on business activities, the Decree no. 34/2020, so-called “Decreto Rilancio”, signed into law, postponed until 2022 the duty to adopte internal control or auditors for limited company and cooperative company. This is what was provided by Budget Committee in article no. 51 bis […]

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  • Tax credit on lease rental payments: tax codes for offsetting now available

    With resolution no. 39/E of 13 July 2020 the Italian Revenue Agency defined the tax codes to be used for the offsetting of the tax credits from the lease rental payments of shops, real estate for non-residential use and business lease. Such tax credits – established to counter the negative effects from the Covid-19 – […]

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  • The monitoring of profits distributed to shareholders through the capital and reserves statement

    The statement of capital and reserves, contained in the RS section of the tax return model, is not merely a summary of the items reported in equity’s balance sheet. In fact, in order to compile the statement, a reclassification for tax purposes of the various items of shareholders’ equity is required. This is confirmed both […]

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  • PIF Directive: increased the number of relevant offenses pursuant to Legislative Decree no. 231/2001

    On July 15th, 2020, Legislative Decree no. 75/2020 was published in the Italian Official Gazette, aimed at adapting the Italian criminal law in implementing the EU Directive 2017/1371, the so-called PIF directive – protection of financial interests, on the fight against fraud affecting the Union’s financial interests by means of criminal law. The directive of […]

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  • Assets of a trust attacked by the Tax Authority

    The Court of Cassation, with Ordinance no. 14201/20, has once again ruled on the claims made by the Italian Tax Authority against professional’s assets included in a trust. In the present case, the taxpayer had challenged the notice of mortgage registration issued by Equitalia, claiming that a trust had been set up on the assets […]

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  • Operating instructions of the Tax Authority on Tax credit for sanitation and adaptation of working environments

    The Italian Tax Authority with Circular of July 10, 2020, no. 20/E provided the first indications on the procedures and criteria for the use of the tax credit for the adjustment of the working space and the tax credit for the sanitization and purchase of protective devices according to articles 120 and 125 of Law […]

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  • Taxes: extension to 20 July without interest

    With the release of the Italian Dpcm in the “Gazzetta Ufficiale” on 29 June 2020, was made official the extension to 20 July of the payments due on 30 June, previously announced in a statement by the Italian Ministry of Finance (MEF). The extension is aimed at all taxpayers, to give them the opportunity to […]

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  • Deduction of VAT credit in case of omitted annual VAT return

    By the decision no. 14055, filed on July 7th 2020, the Supreme Court ruled that the VAT credit accrued in the year in which the VAT return is omitted can be used in deduction, provided that: the taxpayer demonstrates the existence of his right to deduct; this credit is included, at the latest, in the […]

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  • Extension of the split payment to June 30th 2023: the MEF press release has been published

    With press release n. 158 of July 3rd 2020, the Ministry of Economy and Finance (MEF) has officialised the extension of the split payment mechanism until June 30th 2023, and the decision will be formally adopted and published in the Official Journal of the European Union once translated in every official languages ​​of the European Union. The […]

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  • VAT refund and request of taxpayer as non-resident

    The European Court of Justice, with the decision of 11 June 2020 on the C-242/19 case, made some clarifications on the following points: 1. interpretation of art. 17, paragraph 2, letter g) of the VAT Directive (2006/112/CE); 2. provisions of the art. 2, paragraph 1, and art. 3 of the VAT Refund Directive (2008/9/EC). This […]

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