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Litigation & Arbitration: Post M&A Disputes and Current Challenges
The closing of a deal can be a success for the teams involved, but it also rises up some challenges due to the constant uncertainty of what may happen next, the strategic nature of the transactions, and internal politics. The examples cited in this publication illustrate how, after a successful merger, critical issues and sometimes […]
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Further simplification measures on renewable energy sources
The Law Decree no. 13/2023, named Urgent “Provisions for the Implementation of the National Recovery and Resilience Plan (NRP)”, which came into force on Feb. 25, 2023 (published in GURI No. 47, 24.02.2023), introduced several new features concerning renewable energy sources, aimed at further simplifying and accelerating their development. Areas suitable for the installation […]
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Transfer Pricing year end adjustments
Depending on the given tax jurisdiction, if there is qualified ownership or control between enterprises belonging to a Multi-National Enterprise (“MNE”), the arm’s-length principle (“ALP”) kicks-in to determine proper transfer prices in cross-border intra-group transactions. Compensating adjustments (also “year-end adjustments” or “CAs”) are widely used by MNEs in order to align intragroup transfer prices or […]
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Andersen European Guide to Support Employers: remote work
The new edition of our European Guide to Support Employers, issued by the European Employment and Labour Andersen department, is devoted to remote work in Europe, a trend rapidly growing trend in the European job market. Although the concept goes back more than 50 years, and in some European countries the issue was first regulated […]
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New developments of arbitration in the civil procedure reform
The civil procedure reform has introduced some important innovations regarding arbitration in an attempt to make the institution stronger and more attractive to the parties. With the entry into force of Legislative Decree 149/2022, Italian arbitration law is expected to take a long-awaited step forward. The following is a summary of the main changes in […]
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Grant funding for Gender Equality
Regione Lombardia through the Regional Program FSR+ – Specific Objective ESO 4.3., Action c.1 Support for the dissemination of corporate welfare systems – is making available €10,000,000 in grants with the aim of incentivizing companies to adopt appropriate policies to reduce the gender gap in all the areas of greatest criticality – such as career […]
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European Corporate Insights: M&A Opportunities in the Energy Sector
The energy sector has been one of the main players in the field of M&A in recent years due to the growing interest in renewable energies which, although in 2020 it contributed 9% of the energy consumed in Europe – compared to 14% from nuclear energy and 77% generated by oil, gas and coal -, […]
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The M&A market in Europe: 2022 and expectations
In 2021, the mergers and acquisitions (M&A) market in Europe exceeded all expectations, setting a record that will be hard to beat. The circumstances were indeed favorable: after a pandemic in which the economy suffered an unexpected halt, factors such as economic growth due to the return to activity, the need for companies to adapt […]
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Sustainable Economy: the European Parliament approves the Corporate Sustainability Reporting Directive (CSRD)
On November 10, the European Parliament approved the Corporate Sustainability Reporting Directive (CSRD), which obliges large EU companies to regularly publish their information on the societal and environmental impact, planet, and sustainability risks. This should reduce greenwashing and promote international and transparent ESG standards. The new CSRD will start applying between 2024 and 2028 depending […]
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Litigation & arbitration service line newsletter: rebus sic stantibus and force majeure clause
The new edition of the Litigation & Arbitration service line newsletter is dedicated to extraordinary change in economic relations, with a special focus on Belgium, Germany, Hungary, Italy, Macedonia, Malta, Poland, Romania, Slovenia, Spain and Switzerland situations. In this publication, we address two constructs that will be the most common basis for legal claims: the […]
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European Commission’s Carbon Border Adjustment Mechanism
European Commission’s Carbon Border Adjustment Mechanism, in fight against climate change and related unfair competition, will impact importing in the EU as from 2023 The Carbon Border Adjustment Mechanism (CBAM) is a levy on carbon intensive products (e.g. cement, iron, steel, aluminium, fertilizers and electricity) imported into the European Union from third countries where carbon […]
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Renegotiation according to good faith
The pandemic phenomenon due to the spread of the Sars-Cov-2 virus, first, and the war in Ukraine, then, affected, respectively, the healthcare and humanitarian aspects, having, as the lowest common denominator, the ability to change the legal and economic context at a global level. If, during the pandemic period, an economic crisis ensued as a […]
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Data Protection Board: green light for a centralised anti-money laundering database
The Data Protection Board issued a positive opinion on the amendment that has been presented to Legislative Decree no. 231/2007 on the prevention of the use of the financial system for the purpose of money laundering and terrorism financing. In particular, the proposed amendment supported by the Data Protection Board envisages the establishment of a […]
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The ad nutum withdrawal of a LLC shareholder: unlawful if the company is established for a fixed term, even if the term is particularly long
Supreme Court of Cassation, September 5, 2022 – order No. 26060. A LLC shareholder may withdraw ad nutum and, therefore, at any time and with no reason, solely when the company is established for an unlimited term. The appealed verdict A limited liability company, incorporated until 2050, appealed to the Court of Cassation against the […]
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The changes introduced by Decree no. 73/2022 in the so called “third sector”
With the so called “Simplifications” Decree no. 73/2022 the taxation system for “third sector” entities changed. The new taxation system The main changes introduced by the Simplifications Decree concern the taxation rules contained in Title X of the third sector code. More precisely, a definition of “actual costs” has been included under Article 79, paragraph […]
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The right of withdrawal exercited by the shareholder who did not partecipate in the change of the clause limiting the circulation of shares is legitimate
Supreme Court of Cassation, June 27, 2022, No. 20546. A shareholder of a joint stock company who did not participate in the amendment of the bylaws to remove the preemption clause limiting the circulation of shares has the right of withdrawal, regardless of the substantive significance of the amendment. This is the principle expressed by […]
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European Corporate Insights: the impact of geopolitical changes on business
Andersen’s European Corporate & M&A department has published a new edition of the magazine European Corporate Insights focusing on the impact of major geopolitical changes on local and international business dynamics. Andersen professionals from numerous countries contributed to the insight, summarizing the guidelines and regulations in each jurisdiction. Extensive space in the magazine is devoted […]
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VAT recovery in the event of a defaulting debtor
The Italian Revenue Agency, through its answer to ruling no. 386/2022, published last July 20th, recently provided some clarifications on the subject of variation notes for VAT purposes. The subject of the ruling is governed by art. 26 of the Presidential Decree 633/1972, which was reformulated in 2021by means of article 18 of the so […]
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Environmental offences and liability under Legislative Decree no. 231/2001
The Supreme Court (III Criminal Division – Judgment 30. May 2022 No. 21034) has recently clarified under what circumstances a company can be held accountable for environmental crimes, with reference to the issue of water pollution from industrial wastewater. Specifically, the Supreme Court has identified in which cases the environmental crime can be qualified as […]
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New clarifications on Transfer Pricing – Assonime’s comments
Assonime, through Circular 20/2022, summarizes some interpretative solutions of the Agenzia delle Entrate (the Italian tax authority), regarding recent regulatory references currently in force, with particular focus to Agenzia delle Entrate Circulars Nos. 15/2021 and 16/2022. The topics covered under Transfer Pricing Retroactivity of unilateral, bilateral and multilateral Advance Pricing Agreement On the subject of […]
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