Category: Newsalert

The Receipt lottery, the new free prize competition, will come into force from 1 January 2021.

Following the changes introduced by art. 1, paragraphs 725 and 726 of the Law 2 December 2019, n. 160 (as amended by art.48, paragraph 7 of the Decree-law of July 16, 2020, n.76), the VAT regulations of leasing, including financial, chartering and similar contracts for pleasure boats has been radically changed. The rule was introduced into our legal system following an infringement procedure opened by the European Commission against Italy. This made it necessary to modify the implementing rules for identifying the territoriality requirement, substantially modifying the regulatory approach.

Setting up new measures in relation to tax proceedings, authorizes the remote public hearings and chambers, however leaving the possibility to discuss and decide the hearings having regards only to the documental files in the cases the tax Courts do not possess the IT instruments or equipment to carry out the video-hearings.

Circular no. 124 of 26/10/2020, the INPS provided the operative instructions for the access to the “IO Lavoro Incentive”, established by the ANPAL with Directorial Decree no. 52/2020..

The Italian Supreme Court states that the customer who receives a taxable invoice, instead of an exempt (with or without right to deduct) or excluded from tax invoice, is not entitled to VAT deduction.

Introduced a shorter deadline for the submission of the VAT refund claims through electronic portal.

The possibility for OIC-adopter companies of not recording in Profit & Loss Statement in the Statutory Financial Statements related to the business year 2020, up to 100% of the depreciation of tangible and intangible fixed assets has been introduced..

With the Italian Tax Authorities’ act no. 99922/2020, published on 28/03/2020, the Italian tax authorities have updated the technical specifications relating to the .XML electronic invoice.

Ristori Decree: with regard to employment law provisions, the most important news range from the possibility for companies to benefit (under certain conditions) from additional 6 weeks of shock-absorbers due to Covid-19; the to the extension of the dismissal’s ban (except for particular company’s situations) until January 31st, 2021; and to the exemption from social security contributions in favor of some employers, for a maximum period of 4 months.

The Italian Tax Authority, with the ruling reply no. 336/2020, dated September 10th 2020, has clarified whether the status of usual exporter can be attributed to the permanent establishment in Italy of a Company which has previously transferred its tax residence abroad, pursuant to article 166, of the TUIR.