he 2023 Budget Bill (Budget Bill), expected to be enacted before year end, introduces in the Italian income tax act (IITA) the Investment Management Exemption (IME) that, in a nutshell, is a safe harbor aimed at providing certainty to foreign investment fund (and controlled entities) over the no triggering of a PE due to the activities in Italy of fund’s (senior) asset managers.
The Italian tax authorities, with Act no. 433608/2022 provides that the data mentioned into the .XML e-invoices will be stored until December 31 of the eighth year following the one of the submission of the relevant tax return or until the definition of any pending court judgments.
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.
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.
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.
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.