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 […]
Read More »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 […]
Read More »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 […]
Read More »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 […]
Read More »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 […]
Read More »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 […]
Read More »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 […]
Read More »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) […]
Read More »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 […]
Read More »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 […]
Read More »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 […]
Read More »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 […]
Read More »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 […]
Read More »The effect of the Brexit in 2020
Effective February 1st 2020, as per the Brexit withdrawal agreement, the United Kingdom will become a non-EU country. The withdrawal agreement provides for a transition period until December 31st 2020 in which the UK will remain in the single market and customs union until the end of the transition. During this 11-month period, the UK […]
Read More »Obligations, methods and deadlines for issue and transmission of 2020 Income Certification Form (CU) for remuneration and commissions paid to taxpayers on Flat-Tax regime
Individuals in a Flat-Tax regime must issue a 2020 CU to entities in which during 2019 had declared: – Income from employment or similar – Income other that the one indicated above, on which withholding tax was optionally operated. The 2020 C.U. must not be issued in reference of income in which the taxpayer has […]
Read More »Assonime and new limits for internal control according to article no. 2477 Civil Code: the first financial year for auditing
With Case Study no. 1/2020 published on 27th January 2020, Association of Joint-Stock Companies – Assonime recalled that the new Code of Company Crisis and Insolvency and D.L. no. 32/2019 set up some amendments on article no. 2477 of Civil Code, modifying the limits for adopting internal control or auditors for limited company. For companies […]
Read More »Administrative liability of the company: new offences in Legislative Decree 231/2001
Law Decree 124/2019, approved on 24th December 2019, introduces new types of tax offences in the Legislative Decree 231/01 in order to provide greater protection of the public finance through the repression of illegal tax practices and to protect companies from non-compliant conduct committed by top management/subordinate individuals. The existent compliance programs did already include […]
Read More »Composition with creditors’ discipline: recent clarification
With ruling no. 734 of January 15, 2020, the Italian Court of Cassation intervened on the rules applicable to composition with creditors that combines the partial continuation of the company’s business together with the atomistic liquidation of part of its assets. This is the so-called “concordato misto”, which identify an arrangement with creditors the proposal […]
Read More »Budget Law 2020 – What the digital tax provides
The Budget Law 2020 (Law n. 160 of 27 December 2019) published on the Official Gazette on 30 December 2019 amends the Italian Digital Service Tax DST (Article 1, paragraph 678, of the Budget Law 2020) whose main features are. Tax rate is set at 3% and apply to gross revenues resulting from certain B2B […]
Read More »Budget Law 2020 – Tax credit for Research and Development (R&D)
The Budget Law 2020 in the article 1 par. 198-209 introduce the new R&D tax credit for: – R&D activities, – technological innovation activities – design and aesthetic conception activities. The credits are set to apply only for 2020 starting from the FY following the one on going on 31 December 2019 and it are […]
Read More »