Deed of assignment of tax credit requested for refund in insolvency procedures
On January 17th, 2019, the Italian Revenue Agency issued legal advice following a request upon the assignment of tax credits to be refunded, according to Article 43-bis of Presidential Decree nr. 602/1973 in case of liquidation procedures.
According to the civil law, the assignment of the tax credit becomes effective from the date of the deed, but accordingly to fiscal rules, the Revenue Agency states that the transfer becomes effective towards the tax authorities only when the amount of the credit has been requested for refund in the annual tax/vat returns by the taxpayer on head of which the tax credit accrued.
The reason is due to certainty and transparency of the relationship with the tax authorities, as the Inland Revenue is not aware whether the tax credit has been used to offset any tax or social security debt until the time the return is filed.
Furthermore, the Italian Revenue Agency clarifies that the deed of transfer must be drawn up in a public or a private form authenticated by a notary, and that it must be notified to the competent revenue office, in accordance with Article 69 of the Royal Decree 2440 of 1923.
Moreover, the deed must contain the exact amount of the assigned credit. In case the refundable amount is not certain as the assigned amount is different from the amount requested for reimbursement, an additional deed must be drawn up in the same written form as the original one.