With Legislative Decree No. 131 of 3 August 2022, European Regulation No. 2017/2402 was transposed into national law. It made significant changes to the regulatory framework of securitization transactions by introducing the figure of "simple, transparent and standardized" securitizations with the aim of forging a "virtuous" market for the financial instruments related to them.
Throughout the Circular, the Italian Revenue Agency pointed out that as a best practice for tax risk management, taxpayers are encouraged to perform an appropriate anti-hybrid analysis, also by cooperating with associated enterprises, to understand whether any hybrid mismatches arrangements have arisen along their organization structure before submitting the income tax return. The analysis would enable them to collect an accurate probative documentary set (“anti-hybrid Dossier”) explaining the hybrid mismatches’ assessment process they developed and implemented to determine their taxable base for income tax purposes.
With the answer to Ruling No. 442/2022 dated 2nd September 2022, the Italian Tax Authorities provide clarifications on a case submitted by a taxpayer on the VAT registration in Italy through the appointment of a VAT representative according to Article 1, paragraph 4 of the Presidential Decree No. 441/1997.
In order to mitigate the increases of the gas’ cost, the article 2 of the Law Decree n. 130 of September 27, 2021 provides, as a temporary and emergency measure, the application of the 5% VAT rate for the supply of natural gas used for combustion for civil and industrial uses.
Decisions no. 26681/2022 and 26684/2022 lodged on September 9th, 2022 by the Italian Supreme Court, ruled in the cases related to two different Dutch banks which had suffered a 15% taxation on dividends distributed by an Italian company in the years 2005, 2006 and 2007.
With the Ruling reply no. 440/2022 dated 29th August 2022, the Italian tax authorities provided clarifications with reference to a case submitted by a taxpayer related to the the possibility of recovering the VAT included in payback amount, according to the Law Decree no. 78/2015, on the procedures related to the years 2015 and 2020, for which, as a matter of prudence, the relevant VAT had not been deducted by the taxpayer.
On August 3, 2022, the Italian Tax Authorities published the Ruling no. 417/2022 that confirmes that the economic operators, in order to deduct the import VAT related to the operations whose amount is lower than 300 euro, can issue a recapitulative document to be registered in the VAT ledgers on a monthly basis.
The law 31 August 2022, n. 130 (hereinafter, “Law”), published in the Official Gazette on 1st September 2022, sets forth new provisions related to the tax justice and the judicial tax proceedings. Specifically, Article 5 of the Law aims at reducing the burden of the Italian Supreme Court allowing taxpayers to settle the judicial tax proceedings with a low value and where taxpayers have won (also partially) in at least one of the prior instances of the merit.
Prepared by Andrea Werner Beilin and Erika Luvarà Law Decree no. 73/2022 converted into Law no. 122/2022, introduced important news in relation to the archiving of the accounting books.In particular, the obligation to electronically archive, within three months following the…
Edited by Payroll and Employment Team On 29 July 2022 the Legislative Decree no. 105 of 30 June 2022 was published on the Official Gazette no. 176. The Decree implements the European Directive no. 2019/1158 which aims to improve the…