Income paid by a foreign partnership: A new path for the tax credit opens (Italian Supreme Court decision no. 25698/2022)

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.

Extraordinary Contribution on windfall profits due by the enterprises operating in the energy and oil and gas sectors: criticalities and possible remedies

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.

Non-final tax assessments and participation in public procurement tenders: in the Official Journal the long-awaited clarifications of Ministry of Economy and Finance

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.

The Bank of Italy clarified the application of the definition of “Default” pursuant to Article 178 of EU Regulation No. 575 of 2013

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.

Brief note on tax process reform

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.