By means of Ruling no. 427, dated September 11, 2023 (“Ruling No. 427/2023”) the Italian tax authorities provided important clarifications regarding the issuance of credit notes pursuant to Article 26, Presidential Decree No. 633/1972 in the event that the credit claimed by the policyholder/provider has been indemnified by an insurance company with the consequent subrogation pursuant to Article 1916 of the Italian Civil Code.
On 5 October 2023, the European Securities and Markets Authority (ESMA) launched the second public consultation under the so-called. MICA Regulation (Market in Crypto-Assets Regulation) i.e. Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on Markets in Crypto-assets.
Prepared by Lorenzo Ontano, Marta Marrapodi and Silvia Sciortino As of August 2022, the Italian Customs Authority, released a set of notes as part of the re-engineering project of the applications for the electronic management of export declarations. The new…
With the Ruling reply no. 435/2023, the Italian tax authorities provided clarifications on the VAT deduction in the case of late “downloading” of electronic invoices sent by the Interchange data system of the Italian tax authorities (“SdI”) into the so called “put on disposal” area of the tax portal “Fatture&Corrispettivi”.
The so-called Omnibus decree introduced a new bonus, in the form of a tax credit, for companies investing in research and development activities in the microelectronics and semiconductors, an increasingly strategic sector for our country to be able to compete with other advanced economies.
On August 1st, 2023, the Italian Tax Authority (hereinafter “ITA”) with Circular No. 23/E provided the awaited clarifications regarding article 40 of Law Decree 48/2023 (the so-called “Decreto Lavoro”), which provides for the raising of the exemption threshold - up to €3,000 - for fringe benefits granted by the employer to employees with children who are tax dependents pursuant to Art. 12, para. 2 of the Presidential Decree no. 917/1986 (hereinafter “TUIR”).
This past May 10th, 2023, the European Parliament and Council approved the final version of the EU Directive no. 2023/970, which aims at strengthening the application of the principle of equal pay for men and women for equal work, or work of equal value, through pay transparency and related enforcement mechanisms. This Directive, which was published in the EU Official Gazette on May 17th, 2023 and entered into force 20 days after that date, is not directly applicable, as it is addressed to the EU Member States (Italy included), which will have to comply with it by June 7th, 2026.
On August 18th, 2023, the Italian Tax Agency published the circular no. 25/2023 in which it overviewed and summarized the most recent developments in the legislation and practices on the taxation of work performed through the use of agile work (so-called "smart working") and on the subject of frontier work, in light of the changes introduced by the latest bilateral agreement between Italy and Switzerland and by Law no. 83/2023 ratifying the latter.
Edited by Alessia Zanatto, Maria Chiara Turio Bohm, Andrea Carbone By means of Ruling no. 392, dated July 24, 2023 ("Ruling no. 392/2023"), the Italian tax authorities provided important clarifications regarding the deductibility of input VAT for transactions involving the…
Last 13 July the Minister for European Affairs, the South, Cohesion Policies and the PNRR, Raffaele Fitto, met in Brussels with the Executive Vice-President of the European Commission and Commissioner for Competition, Margrethe Vestager, who welcomed the proposal relating to the establishment of a whole Special Economic Zone (ZES) which includes all the regions of the South. The Government's proposal aims to extend to the whole of Southern Italy the procedures of simplification and acceleration of the investments and the tax supports provided to companies that set up or invest in the ZES.