On 7 October 2022, the Council Regulation (EU) 2022/1854 on “an emergency intervention to address high energy prices” (the “Regulation”) was published in the Official Journal of the European Union.
With decision no. 25698 of 1 September 2022, the Italian Supreme Court acknowledged the possibility for individuals who, outside their business, are partners of US partnerships to obtain a credit for the tax paid abroad even though the capital income received is mandatorily subject to substitute tax in Italy.
According to article 37 of the Law Decree no. 21/2022 an extraordinary contribution is due by enterprises which (i) engage in the production or resale of electricity, natural gas or natural gas extraction; (ii) engage in the production, distribution and trade of petroleum products; (iii) permanently import electricity, natural gas or methane gas, petroleum products or bring such goods into the territory of the State from other States of the European Union.
With the draft of Budget law for 2023 it was provided the deferral of Plastic Tax and Sugar Tax to January 2024.
The Italian Tax Authorities, with the Ruling no. 484/2022 provided important clarifications on the issuance and registration of sales and purchase invoices in the event of extraordinary transactions.
On 21st October 2022, the European Commission published in the Official Journal of the European Union as No. C/405/01, non-binding guidelines, concerning the "best execution process" for the sale of non-performing loans on secondary markets.
With the Response to the Ruling no. 485, published on October 3, 2022, the Italian Tax Authorities provide futher clarifications about the VAT recovery in case of omitted payment of the consideration by the client subject to insolvency procedures.
On October 12, 2022, the decree of Ministry of Economy and Finance, adopted together with Ministry of Infrastructure and Sustainable Mobility and concerning “Provisions on the possible exclusion of the economic operator from participation in a procurement tender for serious tax violations that have not been definitively sanctioned” (“Decree”), has been published on the Italian Official Journal no. 239. Implementing Article 80, paragraph 4 of the Legislative Decree no. 50 of April 18, 2016 (“Italian Public Procurement Code”), the Decree defines limits and operating terms of “serious tax violations that have not been definitively sanctioned”, suitable to determine the exclusion of the economic operator from participation in public tenders.
With a recent memorandum, following updates dated 23 September 2022, Bank of Italy provides some guidelines on the application of “Delegated Regulation (EU)” No. 171/2018 on the relevant threshold for credit obligations in default pursuant to Article 178 (par. 2) - (lett. D) CRR, as well as clarifications in relation to the implementing provisions of the EBA (European Banking Authority) guidelines on the application of the definition of Default.
Law no. 130/2022 related to the tax process reform provides important developments about the burden of proof and witness evidence for proceedings started after September 16th, 2022.