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Transfer Pricing adjustments are not relevant for the crime of unfaithful tax return
Transfer pricing adjustments do not amount to the crime of unfaithful tax return: this is one of the clarifications given by the Italian Finance Police. Article 4 of the Legislative Decree no. 74/2000, after the changes occurred thanks to the Legislative Decree no. 158/2015, states that the crime of unfaithful tax return occurs when, in […]
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Qualified investmens and Budget Law 2018
The Budget Law 2018 changed the tax treatment of capital gains deriving from the sale of a qualified participation in the share capital of a company, with starting date January 1, 2019. Accordingly to article 67 of the TUIR (Italian Law for national income tax), qualified participations are those that grant voting right of more […]
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Crime of patrimonial infidelity: also partners can file the lawsuit
The Court of Cassation recently reiterated – in line with prevailing precedents – that the standing to file a lawsuit for the crime of patrimonial infidelity, pursuant to art. 2634 c.c., belongs not only to the company, as a whole, but also, severally, to every single partner (Court of Cassation, section V, sent. n. 57077/2018). […]
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Registration in the VAT Informations Exchange System (VIES)
Until now, the indications provided by Circular AE no. 39/2011 and by Resolution AE n. 42/2012 indicated that if a VAT taxable person was not registered in the VIES system, the tax regime of European transactions must not be applied. The ruling c21-16 (February 9, 2017) by EU Court overturned what the Italian financial administration […]
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Overlapping invoices and VAT deduction
The period between two fiscal years is always important in order to identify the moment VAT becomes deductible on overlapping invoices, especially because of the recent changes of the rules governing this matter. In fact, the art. 14 of the Decree Law n. 119/2018 added a new period to art. 1, paragraph 1, of the […]
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New guidelines for voluntary jurisdiction proceedings in corporate matters
Legislative Decree 168/2003 established Courts sections specialised in industrial property matters (now replaced by sections specialised in business matters, governed by Article 2 of Legislative Decree n. 1/ 2012, converted, with amendments, into Law n. 27/2012). In particular, these Courts are competent with regard to “cases and proceedings relating to corporate relations“, which certainly also […]
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Payment of the virtual stamp duty on electronic invoices
The Ministry of Economy and Finance Decree of 28 December 2018, published in the Italian Official Journal on 7 January 2019, modifies methods of payment of the virtual stamp duty on electronic invoices from 1 January 2019. The original formulation of art. 6 of the D.M. 17 June 2014 provided that the stamp duty should be paid, […]
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New limit on cash payments by non-residents
The 2019 Budget Law raised from € 10.000 to € 15.000 the maximum limit for cash payments made by non-resident citizens in relation to so-called “tourism-related transactions”. The new limit applies to payments made by non-resident citizens – both EU and non-EU – in relation to purchases of goods and services from operators listed in art. […]
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Obligation of electronic invoice – Criticality in relation to the Privacy regulations
The provision of 15 November 2018 made by the Italian Data Protection Authority highlights some problematic aspects on the obligation of electronic invoicing. As we all well know, the electronic invoice, from 1 January 2019, is mandatory for all sales of goods and services provided, however, made between subjects resident or based in Italy (Article […]
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New tax fulfilment for non domestic transactions (Esterometro)
Starting from 1 January 2019, a new fulfilment has been introduced, and it is called “esterometro”. The introduction of this instrument meets the primary purpose of a monthly communication to the financial administration regarding all the transactions not subject to the obligation of electronic invoicing, with particular regard to transactions from/to foreign businesses. This communication […]
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ATAD Directive: new Cfc rules
The Legislative Decree No. 142/2018 about the implementation of the ATAD Directive, in force as from January 12th, 2019 for companies that close the financial statement as at December 31st, provides some news regarding the Controlled foreign company rules. In particular, based on the new rules: – the Cfc is extended to resident companies that […]
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EU Regulation regarding Free Movement of Non-Personal Data
In the context of data economy and data flow across borders, the new Regulation of the European Parliament and of the Council, acknowledges the importance of the latest information and communication technology, including AI and Machine Learning, Internet of Things, 5G, Value Chains, and all the technology which makes use of electronic data in the […]
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The third “tax collection settlement procedure” according to D.L. 119/2018
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 1st January 2000 and 31th December 2017, also in case of bankruptcy and restructuring proceedings under judicial oversight. The legal framework specified that to the amounts for […]
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Compliance letters issued by the Italian Tax Authority
As happened last year, the Italian Tax Authority could notify to Italian taxpayers the “communication for the promotion of voluntary compliance”, better known as compliance letter, regarding financial assets and properties held abroad, for which the taxpayer did not comply with the requirements for fiscal monitoring and did not comply with the payment of property […]
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Legal interest rate at 0.8% from 2019
The Firm announces that, with effect from January 1st 2019, the legal interest rate set out in Article 1228 of the Italian Civil Code, will be increased from the current 0,3 percent to 0,8 percent. This amendment was published in the Italian Official Gazette no.291 of 15 December 2018, according to the MEF decree of […]
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Certain clarifications on directors’ liability in corporations
Liability claims towards directors of corporations for breach of their duty to preserve the integrity of the company’s assets may be filed by company’s creditors only if the company’s assets is insufficient for the satisfaction of their credits. This principle has been clarified by the Court of Rome with the decision no. 16350 dated August […]
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Gifts tax treatment
When companies provide Christmas gifts or dinners to customers, suppliers and employees, it is important, from a fiscal point of view, to take into account the cost deductibility limits and the related VAT deductibility. In particular, it is essential to distinguish whether the gifts are purchased to be donated or if they are directly produced […]
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Fraudulent bankruptcy: flexible additional penalties, determined on a case-by-case basis
It is unconstitutional the provision of additional penalties with a fixed duration of ten years (in particular, incapacitation to exercise a commercial enterprise and inability to hold companies’ management offices) for all those who have been convicted of fraudulent bankruptcy. The Constitutional Court of the Italian Republic stated so with sent. n. 222/2018, filed on […]
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Impacts of the ATAD directive on intercompany loans
Following the Legislative Decree implementing the Anti Tax Avoidance Directive (ATAD) set of rules, many changes regarding the interests’ deductibility have been introduced and will be applied starting from fiscal year 2019. Among these news one of the most important is the one related to the intercompany loans, especially those characterized by lower interest rates […]
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Electronic invoicing, summary of excluded subjects
The new electronic invoicing scheme, since January 1, 2019, will not involve all Italian VAT numbers, the legislator has in fact provided for an exemption for some categories of taxpayers for the active billing cycle. The first category that are exempted by the issuing of invoices in XML format is characterized by taxpayers in a […]
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