• 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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  • Mapping of foreign subsidiaries and regulations on Controlled Foreign Companies

    The emergency at Covid-19 is forcing Italian companies to deal with the delicate management of short-term problems, first of all obtaining the necessary liquidity. This context would lead to an avoidable neglect of medium/long-term commitments, such as the calculation of taxes, which, if not properly assessed, will result in additional burdens for Italian companies. From […]

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  • First playable fund: Italy encourages video games development

    In order to encourage the digital entertainment, the Italian Government provided a Digital Entertainment Fund, the so called “First Playable Fund”. In particular, resources are available to facilitate the development of the Italian video games industry, with the aim of supporting the design and the pre-production phases that are necessary for the creation of prototypes. […]

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  • Limit on the use of cash

    The Fiscal Decree 2020 (art. 18 of Legislative Decree no. 124/2019) for the purpose of: – counter tax evasion; – discourage the use of cash in favor of electronic money; The decree approved lowering the limit on the use of cash starting on July 1st 2020 until December 31st 2021, from € 3,000 to € […]

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  • The new mandatory audit procedure

    The Law Decree no. 34/2019 – so-called Decreto Crescita, introduced starting from July 1, 2020, the obligation for the Tax office to invite the taxpayer to the audit procedure before issuing notices of assessment. On June 22, 2020, the Italian Tax Authority with the Circular no. 17/E provided clarifications on the new tax audit as per Article 5-ter of Legislative […]

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  • Temporary regulation of loss and reduction of capital caused by Covid-19: the first case law’s

    The time frame provided for by Article no. 6 of Decree Law 23/2019, the so-called “Liquidity Decree”, which temporarily disapplied regulation of loss and reduction of capital for the financial years ending in the period from 9 April 2020 to 31 December 2020, defines both the period in which the company law are neutralised and […]

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  • Financial intermediaries and holding companies: clarification from the Revenue Agency

    Following the implementation of ATAD Directive and new Article 162 bis of Italian Income tax code, the terms “financial intermediary” and “holding company” have been made clear. The mentioned article classifies the subjects that carry out a financial activity into four categories: Financial intermediaries; Financial holding companies, also qualified as financial intermediaries; Non-financial holding companies; Subjects […]

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  • Coronavirus has no impact on impairment test valuations in 2019 financial statements

    The emergency caused by the Covid-19 is having a significant impact on the operations for the companies, including those concerning the preparation of financial statements. While preparing the financial statements, directors are wondering whether the current emergency is an element that should be taken into account when assessing impairment indicators and if the estimate of […]

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  • 100% refunds for purchase of P.P.E.

    Companies, regardless of their legal form, the sector in which they operate and the accounting regime adopted, can request reimbursement of 100% of the expenses incurred for the purchase of personal protective equipment (so-called P.P.E.). In fact, Invitalia in compliance with the  Legislative Decree no.18/2020, better known as the CuraItalia Decree, has activated a call […]

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  • The applicability of the administrative distraint to VAT

    The Supreme Court, with the sentence no. 2320 filed on 31 January 2020, has been called to resolve two questions: The applicability of the administrative distraint, regulated by art. 23 Legislative Decree no. 472/1997 to the VAT refunds, when the Financial Administration has already got a surety by the taxpayer, in accordance with the art. […]

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  • Application of the new e-invoicing technical specifications delayed to January 2021

    The new technical specifications for the e-invoicing, whose application was foreseen from May 4th 2020 (with a transition period up to September 30th 2020), has been recently postponed due to the current Covid-19 pandemic. According to Revenue Agency’s provision n. 166579/2020 of April 20th 2020, the new technical specifications (version 1.6.) will be now applicable […]

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  • Flat tax regime: new important clarifications

    The Revenue Agency, through a series of recent rulings on the flat rate tax regime (referred to in art. 1, paragraphs 54 to 89, Law no. 190/2014) has provided important clarifications with particular reference to the related impediments. The aforementioned pronouncements are as follows: – n. 102 of 14 April, regarding the limit of € […]

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  • New invoice codes for use the plafond

    With the provision No.99922/2020, the Revenue Agency has introduced new encodings for the correct transmission of e-invoices by Sdi. These changes affect, among others, who wish to obtain the status of regular exporters in order to accrue the plafond for the purchase of goods and services without VAT application. The new encodings concern the type […]

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  • Waiver of credits taxed by the partners

    The Court of Cassation, with sentence no. 2057 filed on 30 January 2020, ruling on the case of a foundation that had waived in 2009 the receivable relating to interest accrued on loans granted to an investee company, returned to the issue of the tax treatment to which shareholders’ receivables should be subject in the […]

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