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Shareholders loan repayment: general journal entries as evidence
According to a recent decision by the Italian Supreme Court, general journal records are documentary evidence admissible in court, but such records alone are not enough to prove the debit of the company to be real. There should also be further evidence to establish a point put forward by a shareholder (in order to prove […]
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Liquidation Trust: disputes relating applicable taxes
The Supreme Court of Cassation through Sentence no. 5766 of 3 March 2020 affirmed that donation tax can also be applied to liquidation trust only in certain cases. -If the contracting parties want the real and final transfer of the shares and related rights to the trustee and the consequent real enrichment of the beneficiary, […]
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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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The withdrawal from partnership of limited company with an excessively long duration
The Italian Supreme Court with the ruling number 4716 of the last 21st of February has stated on the exercise of the right of withdrawal in the corporate area, in particular with regard to a joint-stock company whose duration had been fixed until 31st December 2100 and whose Articles of Partnership expressly excluded the right […]
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Merger leveraged buyout
Merger leveraged buyouts (MLBO) are regulated by art. 2501-bis of the Civil Code: these are mergers of companies following transactions of leveraged buyouts (LBO). LBOs are acquisitions of another company (target) using a significant amount of borrowed money to meet the cost of acquisition; the assets of the acquired company are often used as collateral […]
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Limits of the liquidator’s liability to unsatisfied corporate creditors
When should the liquidator of a limited liability company be liable to unsatisfied creditors of the company after the striking off the company from the Commercial Register? At the beginning of 2020, the Judges of the Court of Cassation gave a comprehensive answer to this question. By means of the order no. 521 of 15 […]
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The S.r.l. shareholder cannot be excluded if in arrears in the subscription of the company capital increase
The Italian Supreme Court with the ruling number 1185 of the last 23rd of January has stated that, under art. 2466 of the civil code, the S.r.l. shareholder holding the quota starting from the company incorporation cannot be excluded from the company if she is in arrears in the execution of the payments following the […]
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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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No simplification on the guarantee for the VAT refund of an Italian PE
An Italian PE submitting a VAT refund cannot benefit from the simplifications on the guarantee. This is the answer given by the Revenue Agency to ruling no. 42, which clarified the requirements for the submission of the VAT refund request by an Italian permanent establishment of a non-resident subject, establishing in this regard that it […]
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Self-money laundering if money transfer for invoices for non-existent transaction
The Supreme Tax Court with the decision n. 6397/2020 ruled that the entrepreneur who transfers money to pay the invoices for a non-existent transaction and then receives the same money, previously paid by wire transfer, commits the crime of self-money laundering as per art. 648 ter1 of the Italian Criminal Code. An Italian company has […]
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The employer according to legislative decree 81/2008 (“Testo Unico Sicurezza”)
The identification of the employer is not always a matter of easy solution, since, especially within companies with complex structures, it is possible to identify multiple subjects assigned to satisfy the position of guarantee assumed by the person who, according to the Testo Unico Sicurezza, has the qualification of employer. The purpose of this study […]
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Black list EU: additional countries
The Economic and Financial Affairs Council on 18th February, 2020 adopted revised conclusions on the EU list of non-cooperative jurisdictions for tax purposes. The EU decided to include the following jurisdictions in its list of non-cooperative tax jurisdictions: Cayman Islands Palau Panama Seychelles. The Council cleared and removed from the black list 16 jurisdictions that […]
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Art. 2476, par. 2, of Italian Civil Code and holding companies
Between legitimate enforcement of the right and abuse of it It is well known that article 2476, paragraph 2, of the Italian Civil Code, provides the right of the quota holder of a limited liability company to ask information about the business of the company and to make inspections in order to verify the related […]
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Inbound employees tax regime: extension with a child born after residency relocation
Article 16 of Legislative Decree 147/2015 introduced into the Italian legal system a particular tax regime for “inbound” employees designed to act as a further incentive to transfer their residence in Italy. This particular tax regime provides that, for persons who move to Italy, the income from employment, self-employment and business is taxable for the […]
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INTRASTAT: relevance of registration to VIES and new evidence about release of assets/goods from the Country
The elements characterizing intra-Community trade are summarized below: the transaction must relate to tangible movable property shipped or transported by the seller or purchaser or by third parties on their behalf from one Member State of the EU to another; the transaction must take place between a taxable person (buyer) and a taxable person (seller) […]
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How to pay the annual fee for the corporate books
Obligated subjects The payment of the fee must be made by the limited company (spa, srl and sapa) including consortium companies. The obligated parties also include companies in ordinary liquidation and companies under insolvency procedures (with the exclusion of bankrupt companies), as long as they keep the obligation to authenticate the corporate books as mentioned […]
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Tax effects of rent “a scaletta” (variable)
A case that occurs with a certain frequency is for example an agreement to reduce the rent in favor of the tenant who, in agreement with the property owner, performs renovations on the property. According to art. 26 of the T.U.I.R. “rental income contribute, regardless of perception, form the overall income of the subjects who […]
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The protection of privacy in the Data Protection Authority’s measures in 2019.
With the RGPD on the protection of personal data, the subject of privacy has encountered a strong and new awareness that arises from precise requirements of legal certainty, harmonization and greater simplicity of the rules regarding the transfer of personal data within the European Union and beyond. The RGPD has also foreseen the establishment of […]
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Withdrawals In Procurement And Extension Of The Reverse Charge
Starting from January 1st , the contractors and subcontractors have to determine and pay withholding taxes in procurement, related to income that comes from employed. This obligation is only applied if the amount of the work or service is more than € 200,000, and only if the work is carried out with the prevalent use […]
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Consob publishes its final Report on ICO
On 2nd January, the Italian Companies and Exchange Commission (“Consob”) published the final report (hereafter the “Report”) on the initial coin offers (the ICOs) and the exchanges (IEOs) of crypto assets (the so-called tokens) which constitute one of the numerous ways in which the distributed ledger technology (DLT) and also blockchain technology. These technologies, pointed-out […]
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