Categoria: Tax
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DECREE ON PENALTIES: UPDATES IN THE CONTEXT OF CRIMINAL OFFENCES.
Article 1 of Law Decree no. 87 of 14 June 2024 (Decree on Penalties) introduces relevant revisions to the regulation of income tax and VAT criminal acts contained in Law Decree No. 74/2000, inter alia, with reference to: the introduction of the prohibition of substantive ne bis in idem, the definition of undue offsetting of…
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U.K. TAX LIABILITY ON DIVIDENDS, DISPOSALS AND INHERITANCE OF SHARES.
As the new UK tax year (the UK tax year is a period of 12 months running from 6 April to 5 April) has begun, the UK government has made some changes to the tax law framework. The purpose of this contribution is to illustrate the updated fiscal framework relating to the ownership and disposal…
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“NO SANCTIONS FOR TAXPAYERS WHO COMPLY WITH TAX ADMINISTRATION DOCUMENTS”.
There is a legitimate expectation of the taxpayer pursuant to article 10, paragraphs 1 and 2 of Law n. 212/2000 whereby the tax administration, for a substantially long period, has implemented significant actions that has generated doubts regarding the legitimacy of the taxpayer’s behavior: the taxpayer who relies on the erroneous interpretation of the tax…
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OECD/G20 PILLAR 1 – AMOUNT B: THE NEW SIMPLIFIED AND STREAMLINED APPROACH FOR MARKETING AND DISTRIBUTION ACTIVITIES.
On February 19, 2024, the Report on Pillar 1 – Amount B, introducing a simplified and streamlined approach for pricing basic marketing and distribution activities in an intra-group context, has been published as a result of the works of the OECD/G20 Inclusive Framework on BEPS. The Report will be incorporated into the OECD Transfer Pricing…
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ITALIAN TAX REFORM: PRELIMINARY APPROVAL OF THE INCOME TAX (IRPEF AND IRES) LEGISLATIVE DECREE.
During the session of April 30, 2024, the Italian Council of Ministers, following the proposal of the Italian Minister of Economy and Finance, approved on a preliminary level a draft legislative decree which, in implementing Law no. 111 of 2023 (the enabling law on tax reform), proposes a broad review of the taxation regime of…
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FOREIGN WIRE TRANSFERS ARE EXEMPTED FROM GIFT TAX IN ITALY
The Italian tax authorities with Answer to ruling no. 7 of January 12th, 2024 confirmed (in accordance with the consolidated jurisprudence of the Court of Cassation and the precedent and similar administrative clarifications provided with Answer to ruling no. 310/2019) that the donation of foreign deposited sums effected via wire transfers from a non-Italian bank…
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NON-RECOURSE ASSIGNMENTS: THE DIFFERENTIAL IS DEDUCTIBLE ONLY IF JUSTIFIED.
By decision no. 8714/2024, the Italian Court of Cassation stated that the non-recourse assignment of a non-recoverable debt produces a deductible tax loss only if the taxpayer provides and documents reliable and precise elements, which are not limited to showing a consideration lower than the face value of the assigned credit and an emerging loss,…
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FOREIGN PENSION HOLDERS: POSSIBILITY TO OPT FOR THE SUBSTITUTE TAX REGIME ONLY WITH THE REGISTRATION WITH THE ITALIAN REGISTER OF RESIDENT POPULATION.
With answer to ruling no. 21 of January 29th, 2024, the Italian Tax Authorities recognised the possibility to opt for the special (and favourable) substitute tax regime for foreign pension holders, governed by Article 24-ter of the Income Tax Code, to an individual who is tax resident in the United Kingdom pursuant to the Convention…
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THE NEW ADVERSARIAL PRINCIPLE IN THE ITALIAN STATUTE OF THE TAXPAYER.
With Legislative Decree no. 219 of December 30, 2023, in force as of January 18, 2024, the Italian Government introduced article 6-bis of Law no. 212 of 2000, so-called Italian Statute of the Taxpayer, which provides for the obligation of prior adversarial proceedings between the tax authority and the taxpayer for any tax and for…
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DOES THE COMPETITOR’S FISCAL REGULARITY HAVE TO PERSIST THROUGHOUT THE ENTIRE TENDER PROCEDURE?
As is well known, according to Article 80, paragraph 4 of Legislative Decree No. 50/2016 (according to the new Code, this provision is re-proposed in Article 94, paragraph 6 of Legislative Decree No. 36/2023), if an economic operator has committed serious violations, definitively ascertained, with respect to obligations relating to the payment of taxes or…