Obligation to appoint the supervisory body/auditor. How to calculate the average number of employees.
Article 2477, paragraph 2, c.c. has revised the limits for the appointment of the supervisory boards. It requires the mandatory appointment of a supervisory body/auditor if the company has exceeded at least one of the following limits for two consecutive years: total balance sheet assets over 4 million euros; revenues from sales and services over […]
Read More »July 31 st 2019: Deadline for the payment of the first or only rate of “Rottamazione – ter”
The taxpayers who on 30 April had adhered to the preferential definition, provided by the tax-related to budget law DL 119/2018, by the date of 31 July will have to pay the first or only installment provided for by the plan. The taxpayers shall pay the remaining debt free of penalty and default interest, alternatively: […]
Read More »The active repentance considers the pro rata for misteks on exmpt transtaction
Taxable people VAT who, after an incorrect registration, should realize that they have included tax-exempt active transactions rather than taxable transactions, in order to regularize such transactions, they can use the active repentance. The inaccuracies may be attributable to the incorrect documentation and registration of taxable transactions for vat purposes under the Art.6 c.1 D.lgs […]
Read More »Notarized power of attorney abroad: when can it be considered valid?
The power of attorney to sell issued abroad is valid in Italy if it meets the authentication requirements required by national law: therefore, the foreign notary, in accordance with the provisions of art. 2703 c.c., must certify with certainty the identity of the subscriber and also that the signature of the latter is affixed in […]
Read More »Exiting perpetual LLC
With regard to the withdrawal of a shareholder from a LLC, the Italian Civil Code does not identify the moment of effectiveness of the exit and its consequent effects, without prejudice to the problem of the status socii following the declaration of withdrawal and the rights of exiting shareholder before the reimbursement of its quota. […]
Read More »Sending commercial communications to fidelity card holders
The Guarantor for the protection of personal data, with the newsletter no. 456 of 22 July 2019, stresses the illegality of sending commercial communications (so-called spam) addressed to holders of fidelity cards that have not expressed a specific and free consent to the use of their data for marketing purposes. The provision of the Guarantor […]
Read More »CONSOB launches a public consultation on its hypotheses of exemption from the declaration of intent
Article 120, paragraph 4-bis of the Consolidated Law on Finance (TUF) provides that anyone who purchases a stake in quoted issuers equal or above the thresholds of 10%, 20% and 25% of the relevant share capital in listed companies shall state the objectives she intends to pursue in the following six months. The purpose of […]
Read More »Income tax payment – deadline postponed to September 30th
The D.L. 34/2010 has ruled the postponement the deadlines for the payment of direct taxes and VAT – previously scheduled for July 1st – on September 30th. The following taxpayers will benefit from the postponement: companies, sole entrepreneurs and professionals subjected to the I.S.A. (i.e. tax reliability indexes); taxpayers that have reported income of less […]
Read More »The third “tax collection settlement procedure”: the new deadline to 31st July
The D.L. n. 34/2019 (so-called “decreto Crescita”) fixed the new deadline to 31st July to submit the declaration for access to the “third tax collection settlement procedure”. The Article 3 of the D.L. 119/2018 introduced the possibility of benefiting from the third “tax collection settlement procedure” for payment demands entrusted to the Collection Agent between […]
Read More »Nonprofit companies and insolvency proceedings
Nonprofit entities may carry out economic activities in order to achieve their institutional purpose, in accordance with the law and their articles of association. Consequently, if the activity in question fulfills the requirements established by paragraph 2082 of the Italian Civil Code and it is one of the activities listed in the following paragraph 2195, […]
Read More »Third sector: statutory adjustments for ONLUS, ODV and APS
Article 101, paragraph 2, of the Third Sector Code referred to Legislative Decree no. 117 of 2017, provides that entities registered in the ONLUS Registers, Voluntary Organizations and Social Promotion Associations “shall comply with the mandatory provisions (of the Code) within twenty-four months from the date of its entry into force”, being able “within the […]
Read More »VAT Group: the Italian Tax Authority clarifies the application of Italian VAT Grouping rules with ruling n. 222/2019
VAT Group: the Italian Tax Authority clarifies the application of Italian VAT Grouping rules with ruling n. 222/2019 On July 1st, 2019 the Italian Tax Authority issued clarification in the ruling n. 222/2019 concerning the application of VAT Grouping legislation as per Presidential Decree no. 633/1972, DM 6 April 2019 and Circular letter no. 19/E/2018. […]
Read More »Growth Decree: VAT trimestral credits’ credibility
Article 12-sexies of DL 30/04/2019 n. 34, modified article 5, subparagraph 4-ter of the DL 70/88, introducing the possibility for taxable persons to transfer/sell their VAT credits accrued in a single quarter. The previous version of the VAT law allowed exclusively transferability to VAT credit accrued at the end of a calendar year. The discrimination […]
Read More »Electronic invoice and receipts: new rules starting july 1st, 2019
Electronic Invoices With effect from July 1, 2019, all immediate invoices must be issued (therefore sent to the SDI) within 12 days of the transaction. Is utterly important, the indication of the date of execution of the transaction on the invoice (if different from the issuing of the document) or as specified by the Tax […]
Read More »Invalidity of the tax assessment received by registered mail
With decision no. 757/2019, the Piemonte’s Regional Tax Court stated that the tax assessment served by registered mail, and not by the judicial officers, is legally non-existent. According to the judges of Torino, the importance and the function of the act, not only lets the recipient know about the tax demand, but it also legitimizes […]
Read More »Fiscal residence and DTAs
The private letter ruling n. 203, published on June 25th, 2019, provided important explanations regarding the assessment of the fiscal residence in Italy of an individual, as well as regarding the relationship between the domestic regulation and the Double Taxation Agreements. In fact, the Italian Revenue Agency disclosed its interpretation, highlighting that when at the […]
Read More »Inbound employees tax regime applicable also to persons not registered on AIRE
Italian tax authorities have always considered that the lack of Registration on the Register of Italians living abroad (AIRE) was a sufficient requirement to consider a person as a resident in Italy by default. This presumption had the consequence, among others, of not being able to benefit of the Inbound employees’ tax regime. This approach […]
Read More »Paying back Members Loan? Italian Court of Cassation decision n. 12994/19: “debt is generally subordinated”
After the Court of Cassation decision of May 15th, managers chances to pay back loans which were financed by members of a limited company (see art. 2467 of the Italian civil code), appear to be significantly reduced. We are now considering such result as it can be inferred by looking at the decision, as well […]
Read More »The so called “Network Agreement”, a useful agreement that is not commonly used
The network agreement has been introduced by the Italian legislator with art. 3, par. 4-ter, D.L. 5/09, subsequently converted in Law 33/09. This kind of agreement has to be mandatory stipulated by public deed, by authenticated private deed or by a digitally signed deed. This contract has not been particularly used in practice despite its […]
Read More »The Implementation of the Shareholder Rights Directive 2017/828
On 17 May 2017, the Shareholder Rights Directive II 2017/828 (“SHRD II”) was adopted, amending the Shareholders’ Rights Directive 2007/36/EU (or “SHRD”) as regards the encouragement of long-term shareholder engagement. The “SHRD II” must be implemented by 10 June 2019, with the exception of the provisions concerning the identification of shareholders, the transmission of information […]
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