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2020 Tax Decree: Reduction of down payments for 2019
From 2019 or, from the date of entry into force of the Tax Decree, for entities engaged in economic activities for which ISA have been approved and if they declare revenue/compensation not exceeding the limit set by each index and, for persons participating in companies, associations and undertakings with a tax transparency, has been provided […]
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Assets and liabilities value in case of tranferring the fiscal residence in Italy
With the resolution no. 92 / E of 5 November 2019, the Internal Revenue Service (IRS) gave some clarifications regarding the value that assets and liabilities must assume when a company moves its fiscal residence within the Italian territory. The case examined by the IRS concerns a hypothesis of merger by incorporation, which occurred during […]
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San Marino launches its Blockchain Register
Starting from 21st October Sanmarinese and non-Sanmarinese economic operators can submit the application to be recognised as Blockchain Entities and be registered in the relative register (see Regulation 004/2019 issued by the Institute for Innovation of San Marino, hereinafter “the Institute”). The registration as Blockchain Entities is subject to positive due diligence carried out by […]
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Recent amendments about continuous collaborations
On November 2nd, 2019, has been published the Act n. 128/2019, which converted, with amendments, the Law Decree n. 101/2019, laying down urgent provisions for the protection of work and for the resolution of company crises. As for the coordinated and continuous collaborations organized by the client (a kind of self -employment contract), the law […]
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Inhibition to the offset of tax receivables in case of VAT number closing or VIES exclusion
Article 2 of Legislative Decree 124/2019, in force since October 27th, 2019, modified the previously applicable regulation of the so-called “horizontal offset”, by introducing three new paragraphs to art. 17 of Legislative Decree 241/1997 (more precisely paragraphs 2 quater, 2 quinquies and 2 sexies). The new law establishes the impossibility of offsetting tax receivables by […]
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Control Activities on electronic invoices: more data available for the Italian Revenue Agency and Financial Police
According to art.14 of the Fiscal Decree n. 124/2019 the control activities on the XML files sent to the SDI will be intensified both in relation to the number of years (eight), for which the data will be stored, and also for the greater amount of information that the Italian Revenue Agency and Financial Police […]
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The SI and SK section of the 770/2019
The SK section of the 770/2019 Form must be filled out by: IRES Individuals that during 2018 have had profit Individuals that during 2018 have had income that can be qualified as profit, deriving from association contracts in shareholdings, from financial instruments assimilated to shares, from interest reclassified as dividends according to the Thin Capitalization […]
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Investment Funds do not have Legal Personality
«Investment Funds (particularly close-ended funds that invest in real estate), under the Italian Financial Instruments Act (also known as T.U.F. or Legislative Decree n. 58/1998, in its consolidated version), are not juridical subjects, as they [merely] represent assets separated from the managing company. This Court has already stated such principle, considering that in the case […]
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INCOTERMS 2020
“The common language in international sales transactions”: this is how Incoterms have been defined on several occasions. Incoterms are the set of rules developed by the International Chamber of Commerce with the aim of facilitating international trade in goods since they define unambiguously and without the possibility of error all the competent rights and duties […]
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Reporting of the online transaction to tax authority
The art. 13 of the law 34/2019 ( also called Decreto Crescita) has introduced a new legal reporting obligation for the taxpayers that facilitate selles through an electronic interface such as Marketplace or similar. Taxpayers that must comply with this reporting obligation are the ones that manage online platforms, Marketplace and other similar. Operators online […]
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The twelve-day rule for invoice’s issuing cannot always be adopted
The invoice, pursuant to art. 21, paragraph 4, DPR 633/1972 must be issued at the time the transaction is carried out, determined in accordance with art. 6 of the same DPR. With the introduction of the electronic invoice, the provision introduced by art. 11 of DL 119/2018 (subsequently amended by DL crescita), in order to […]
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The Supreme Court on suspension of efficacy of shareholders’ resolutions excluding a shareholder
The Supreme Court, with ordinance no. 24939/2019, addressed the issue of the nature of the precautionary decision of suspension of a shareholders’ resolution on the exclusion of a shareholder from a limited partnership; and in particular, whether it has “anticipatory effects” of the future decision – which has a “constitutive” nature. According to a first […]
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Crypto-currencies: accounting for IAS / IFRS purposes
The Interpretation Committee (IC) has recently answered the request of IASB, regarding the accounting treatment to be applied to crypto-currencies. Crypto-currencies are digital currencies that can be used for the payment of goods and services or held for the purpose of investment. Unlike traditional currencies, crypto-currencies have no legal tender and are not guaranteed by […]
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The Supreme Court: when can shareholders or third parties directly claim compensation against BoD members
When does a breach of the BoD’s obligations or an illegitimate conduct of its members directly harm a shareholder or a third party? This matter has been discussed several times by the Supreme Court during the past last years. With a recent ruling – no. 14778/2019 – the Supreme Court once again reaffirms the elements […]
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Down payment based on a preliminary agreement – VAT deduction
The Court of Cassation, with the decision n. 24671 of 3 October 2019, concerning the VAT treatment related to the down payment based on a preliminary real estate sale agreement, has incorporated the principle established by the European Court of Justice referred to the joined cases C-660/16 and C-661/16 of 31.05.2018, according to which the […]
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From October 1 full penalty for late invoices
The purpose of this document is to illustrate the sanctioning profiles connected to the late transmission of electronic invoices between private parties after the reduced penalties period with taking effect from October 1. Please note that for I.V.A. purposes, the moment in which transaction took place is identified: At the time of stipulation, if the […]
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Simulation of the contract and “potestas iudicandi” of the arbitrators
A recent ruling of the Court of Cassation (No 14884 of 31 May 2019) states, that the ascertainment of the simulation of the contract on which the claim relied on before the arbitrators is based, falls within the potestas iudicandi of the latter, since their knowledge extends, subject to any specific legal limits, to any […]
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Blockchain and Privacy: the policy options proposed by the European Parliament
In recent years the European debate has largely focused on the problems that blockchain technologies raise in terms of data protection. One of the most controversial issues concerns the identification of the Data Controller (Data Controller), that is the (natural or legal) person which, alone or jointly with others, determines the purposes and means of […]
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Electronical Invoice: the reduction in penalties for the first semester of 2019 has ended
The Art. 10 of Law Decree 119/2018 provided a relief from penalties in case the e-invoice was issued within the deadline for VAT periodical liquidation. Moreover, a reduction of 80% of penalties was set forth in case of issuing of the e-invoice within the deadline for the following VAT periodical liquidation. This relief from penalties […]
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Patent Box
“Patent Box”, firstly introduced by Budget Law for fiscal year 2015, was recently updated by law Decree number 34/2019. The tax break is aimed at stimulating company to increase their R&D investments through the introduction of a tax credit (both for corporate and regional tax purposes) based on the amount of the expenses sustained. The […]
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