Irrevocable Inter Vivos Trust: Italian Supreme Court Interpretation
The Decision here concerned states that: «in the event of a trust set up during the lifetime of the settlor, even if the legal position of the beneficiary was transferred (or in any other way altered) as an effect of the decease of the settlor, the properties held in trust will not be part of […]
Read More »Code of company crisis and insolvency: new changes to Legislative Decree no. 14/2019
The draft of decree drawn up by italian government a few days before Christmas, will set up significant changes and amendments to Legislative Decree no. 14/2019, containing the New Italian Code of company crisis and insolvency. Please do not hesitate to reach out to our Professionals in case you need further clarifications on the above.
Read More »The russian roulette clause under review in jurisprudence
In a recent judgment of 13th June 2017, published on 19th October 2017, the Court of Rome expressed its opinion for the first time – since no decision had been registered on the point until then and even afterwards – on the merits of the russian roulette clause. It is a clause whose settlement is […]
Read More »How to treat the Invoices received over the end of the year
Last year, article 14 of Law 119/2018 has modified the input VAT deduction on purchases. For this reason, it’s useful to remember how to treat the Invoices received over the end of the year. Since the date of receipt of the invoice by the client is crucial, it is useful to briefly analyze the following cases: […]
Read More »News regarding IAS 12
The IASB (International Accounting Standards Board) published the interpretation IFRIC 23 “Uncertainty over Income Tax Treatments” in order to regulate the requirements relating to the recognition and measurement referred to in IAS 12 “Income taxes”, if there is uncertainty about the correct tax treatment. Therefore, with respect to the financial statements for the financial years […]
Read More »Deadline of the VAT down payment
December 27th is the stated deadline for paying the year-end downpayment of VAT for tax year 2019. The amount to be paid can be computed by three different methods: • Historical method; • Forecasting method; • Method of operations “carried out”. The historical method determines the VAT down payment due based on the 88% of […]
Read More »IMU and TASI balance for the year 2019
December 16th is the deadline for the payment of the IMU (property tax) and TASI (city service tax) as a balance for tax year 2019, with regard to real properties held during 2019. The IMU is a property tax that relates to land and buildings and is due either by the owner or the holder […]
Read More »Tax simplifications
At the Article 16 paragraph 1-bis law Decree number 124/2019 – tax Decree linked Budget law 2020 – Government announced new tax simplifications. News from proposal of law provide less fulfillments to taxpayers, they have as object the communications of data concerning the sale of goods and the provision of services performed and received from […]
Read More »New rules from Europe on cross-border transformations, mergers and demergers
In order to improve the functioning of the European internal market for companies and the related exercise of the freedom of establishment, it has been necessary to act on the rules governing cross-border operations. The European legislator, related to this topic, adopted the following Directives : 2005/56, 2009/101, 2011/35, 2012/30 and 2017/1132. Despite these, nowadays […]
Read More »Inheritance of the lease, from the lessor who was the owner of a usufruct (life estate)
Recently, the Italian Supreme Court analysed the case where the absolute proprietor “A” of a real estate (according to the Italian Civil Code) grants a special kind of life tenancy right (usufruct) to a grantee “B” who consequently becomes owner of the real estate. After that, B enters into a lease agreement with a lessee […]
Read More »The presumption of profits allocation to shareholders in limited liability company
The Supreme Tax Court with the decision n. 27049/2019 ruled that the presumption of the pro quota assignment to shareholders of the extra-accounting profits of LTD company that are verified in tax audit, can be applied even if the same shareholders are set up in the form of a company. The Supreme Tax Court ruled […]
Read More »Do BoD members have the right to claim remuneration even in the absence of a shareholder resolution or a by-laws provision?
The main principle of the above mentioned issue lies in art. 2389 of the Italian Civil Code, from which could be deducted that the activities carried out by the directors are not free of charge. The above mentioned rule was recently confirmed by the Supreme Court (no. 24139/2018) which stated: “with the acceptance of the […]
Read More »New limits on tax compensations
At the Article 3 paragraph 1 law Decree number 124/2019 -tax Decree linked Budget law 2020- Government announced new limits to compensation of credits. News will be applied to credits already realized for fiscal year 2019, that is income declaration 2020 and irap declaration 2020. VAT legislation on compensation of credits will be extended to […]
Read More »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 […]
Read More »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 […]
Read More »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 […]
Read More »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 […]
Read More »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 […]
Read More »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 […]
Read More »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 […]
Read More »