Edited by Pier Francesco Berardinelli, Luca Masotti
Article 3 of Law Decree No. 108/2026, containing urgent provisions on sports and major events, introduced special tax measures related to the 38th edition of the “America’s Cup”, which will be held in Naples in 2027. Specifically, the provision amended Article 7 of Law Decree No. 96/2025, introducing specific exceptions regarding VAT refunds and exemption from stamp duty relating to the temporary use of radio frequencies.
The most significant innovation concerns the introduction of a special regime that allows, even in the absence of reciprocity agreements, access to the refund of VAT paid in Italy by taxable persons established in extra-EU countries without a fixed establishment in Italy. This faculty is limited to the VAT paid on purchases and imports of goods and services carried out in Italy and necessary for the supply of goods or services directly related to the America’s Cup.
Furthermore, access to the VAT refund remains subject to the conditions set out in Article 38-bis.2 of Presidential Decree No. 633/1972 (“VAT Law”):
- The VAT subject to refund must be deductible pursuant to Articles 19, 19-bis.1 and 19.bis.2 of the VAT Law;
- The refund cannot be requested by entities who have carried out, in Italy, transactions other than those for which the person liable for VAT is the recipient, VAT exempt with the right to deduct transport transactions or transactions ancillary to transport and transactions carried out pursuant to Article 74-septies of the VAT Law;
- The quantitative threshold of Eur 400 for sub-annual periods and Eur 50 for a single year remains unchanged.
The subjective scope of the VAT refund is therefore broadened, allowing, on an exceptional basis and limited to the America’s Cup, economic operators established in non-EU countries to also benefit from a mechanism ordinarily reserved for entities established in other EU Member States or in third countries with which reciprocity agreements are in place.
Let’s Talk
For a deeper discussion: