On 14 February 2022, the Supreme Court of Cassation in joint sittings of all divisions (the “Supreme Court”) in the meaning of "Corte di Cassazione a Sezioni Unite") ruled on the possibility for a company to be declared bankrupt in the event of non-compliance with the approved composition with creditors without the need for a prior declaration of termination of the same.
With Resolution no. 79/E of December 31, 2021, the Italian tax authorities, for the first time, have provided guidelines on the identification of the taxable amount for VAT purposes in relation to supplies involving the purchase of non-performing receivables (hereinafter also "NPLs").
The recommendation no. 187 of the Notary Council of Milan was issued, clarifying that the attendance to meetings by means of telecommunications may concern all the participants, including the Chairman, provided that the Secretary taking the minutes, or the Notary Public, would be in the (physical) place indicated in the notice of call.
With circular letter no. 40 of 14 December 2021, the Italian Excise, Customs and Monopolies authorities has reiterated that an economic subject not established in the European Union (hereinafter also “EU”) cannot submit an import customs declaration independently but must necessarily use an indirect customs representative for this purpose.
With the publication of the Legislative Decree no. 192/2021 in the Official Journal dated November30, 2021, implementing the European Union Directive no. 2018/1910, the so-called "quick fixes" became applicable in Italy.
Among the various enabling reforms provided for by the National Recovery and Resilience Plan (“NRRP”), the simplification of public contracts stands out and it must be implemented, inter alia, by reducing the documentary and economic burdens on the subjects participating in tender procedures, as well as the number and qualification of the contracting authorities.
On November 8, 2021, the Italian Accounting Standard Board ("OIC") published in draft for consultation the national accounting standard OIC 34 relating to the "Revenues", which will apply to financial statements starting from the fiscal years beginning on or after January 1, 2023.
Law no. 234 of the 30th December 2021 (so–called Stability Law 2022) postponed the main tax credits for businesses, including those for R&D, technological innovation, design, and aesthetic conception and those for the purchase of capital goods 4.0, and it introduced a new Patent Box regime.
The VAT rate applicable to the supplies, for a unique consideration, of food boxes including ingredients for the preparation of meals subject to different VAT rates is the highest one among those applicable to the ingredients included in the package.
On December 3, Law no. 162/2021 – the so-called “Code of equal opportunities between men and women” – contains provisions on equal opportunities between men and women in the workplace, with the aim of further strengthening the safeguards already provided for female workers and achieving more effective gender equality in business contexts.