Alessio Moretti

#STSDeloitte | Italian Decree on Pillar Two Transitional Safe Harbours published on the Italian Official Gazette: a brief summary of main takeaways. Click here to read the full article 👉 https://lnkd.in/dFM26YqC #InternationalTax #Pillar2 

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Exciting news for Adacta as they welcome the new Board of Directors! Read more below 👇 #Adacta #TaxandLegal

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In response no. 114 issued on May 23, 2024, to a request for a ruling, the Italian tax authorities provided clarifications on the value to be assumed for tax purposes in Italy for capital gains arising from the sale of shares acquired as a result of a gift. Read the new article of Sebastiano Garufi Giuliani and Niccolò Figundio: "Donation of Shares in Foreign Companies: How to Calculate Capital Gains for Italian Tax Purposes" This article is available also in Italian: https://lnkd.in/d-2ATTgv French: https://lnkd.in/dSXBKQ6y German: https://lnkd.in/dzmvYHw7 #altenburger #legalandtax #legaladvice #attorneysatlaw #tax #donations #capitalgains #familybusiness #familyholding https://lnkd.in/dQ56TFfw

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Due to the latest updates in the UK’s Non-Dom Tax Regime, obtaining expert guidance on the modifications and devising effective strategies to manage the transition is becoming increasingly critical. Exploring the benefits of alternative jurisdictions for high-net-worth individuals, with Italy as a key example, will be essential in navigating these changes. Alberto Brazzalotto, our London-based partner, will delve into these issues at the Non-Dom Tax Forum 2024 conference, which will take place in London on May 23rd, 2024. He will share insights alongside Sonia Velasco Menal and Siân Handley. To know more on the conference: https://hubs.la/Q02h1nqK0 #maistoeassociati #PrivateClient #Nondomiciled #Tax #TL4

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#STSDeloitte | DAC 7 obligations extend to platforms not involved in payment collection   📃 On June 3, 2024, the Italian Tax Authorities issued a tax ruling (no. 122/2024) stating that a company's intermediation activity between hotels and end customers, conducted through its platform dedicated to hotel reservations, although the platform manager is not involved in the payment management process, falls under the definition of a “platform manager with reporting obligation” for the purposes of DAC 7 obligations.   🏨 The platform (i) acts as an intermediary between the hotel facilities and the end customers only in Italy, (ii) does not manage transactions or payments and (iii) does not retain any relevant data of the end-user.   🤝 The ITA concluded that the platform is subject to DAC 7 obligations since it allows interaction between hotels and customers and ensures the effective and targeted execution of such activities, which are elements that integrate the “functional” requirements of DAC 7.   💰 The ITA's conclusions are not hindered by the fact that the platform does not deal with the payments collection (or that the consideration paid is not known), since dealing with the payment process is not a mandatory prerequisite for the qualification of a platform. Click here to read the full article 👉 https://lnkd.in/dgTUDbcp #TaxRuling #ItalianTaxAuthorities #DAC7

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#STSDeloitte | Italian Decree on Pillar Two Transitional Safe Harbours published on the Italian Official Gazette: a brief summary of main takeaways. Click here to read the full article 👉 https://lnkd.in/g3Hi2pwM #InternationalTax #Pillar2  

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#STSDeloitte | Italian Tax Authority issued the implementing regulation concerning the optional taxation under the Controlled Foreign Company rules   🌍 The Italian tax authorities have issued implementing rules on the optional payment of a 15% substitute tax as an alternative to the application of Italian CFC regime. The substitute tax is computed on the net income before taxes, without considering asset write-offs and risk provisions.   🔎 The option is available if more than one third of CFC income is passive and the financial statements of the controlled entities are certified by authorized auditors in the foreign jurisdiction. The election applies for 3 fiscal years for all controlled entities (all-in/all-out mechanism) and cannot be revoked.   #InternationalTax #CFC #Pillar2 #GMT 

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In an interview with Tax Notes, Diletta Fuxa and Giuseppe Ferrisi from Alma LED, Taxand Italy, have analysed a recent court decision on transfer pricing 🇮🇹 In the decision, The Italian Supreme Court overturned a lower court’s ruling in the case of ING Bank NV v. Agenzia Delle Entrate regarding transfer pricing of intragroup loans between an Italian subsidiary and a Dutch affiliate. The Court found that neither party provided sufficient evidence for the correct arm’s-length interest rate, and the lower court’s ruling was inconclusive. Click the link commented below to read more🔗 #TransferPricing #Tax #Italy

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IS PARENT-SUBSIDIARY DIRECTIVE (#PSD) APPLICABLE ONLY TO CORPORATE INCOME TAXES? IS PSD APPLICABLE TO ITALIAN #IRAP? Those questions should receive straight-forward answers, based on the settled #caselaw of the Court of Justice of the European Union. It is enough to go back to funding decisions such as that delivered in case C-375/98 (#EPSON), concerning the compatibility with the PSD of a Portuguese levy domestically characterized as succession/donation tax. In that case the Court was clear in holding that: ➡ the Portuguese tax was a "tax for which the chargeable event is the payment of dividends or of any other income from shares, that the taxable amount is the income from the shares and that the taxable person is the holder of the shares"; and thus, that ➡ the Portuguese tax had "the same effect as a tax on income" and that it was "immaterial in that respect that it is called 'succession and donation tax' and that it is levied in parallel with IRC". The Court consequently held that the PSD applied also to that succession and donation tax. The Court also found that Article 2(c) PSD - enumerating the corporate taxes of the Member States - did not support a different conclusion. In fact: 🔛 That provision pinpoints the national taxes to which the companies falling within the scope of the PSD are normally subject 🔝 It cannot be inferred from this that other taxes having the same effect are authorised, particularly since the final part of Article 2 refers expressly to 'any other tax which may be substituted for any of the above taxes'. That principle has been restated subsequently in well-known (or supposedly well-known) decisions, such as those delivered in cases C-365/16 (AFEP) and case C-68/15 (X). It is therefore astonishing that almost a quarter of a century ⏳⏳⏳ after the #EPSON decision, we are still waiting that Italian Courts and Revenue Agency (Agenzia delle Entrate) recognize that the #IRAP taxation of 50% of qualified intra-EU dividends received by Italian banks and insurance companies and PEs (under Articles 6 and 7 of the IRAP Decree) is at variance with Article 4 PSD. Fortunately, a reference to the Court of Justice of the European Union for a preliminary ruling has finally been ordered by an Italian Court. See ⤵ order for reference in case C-92/24 (BM). I let all EU law tax experts or afficionados to guess, based on the text of the (well-written) order, what the #CJEU shall reply... I know, it was a bit long as a post. But this time it was worth it 😉 Pirola Pennuto Zei & Associati Mario Tenore #EULAW #tax #taxlaw Università Cattolica del Sacro Cuore

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The Italian Supreme Court handed down its decision upholding the lower Court’s judgement that quashed the Tax Administration’s TP adjustments. In its facts, the Tax Administration rested on a built up sample, comprising 6 Chinese entities, for contesting the taxpayer’s pricing. In its specifics, GGG SpA operates as the parent company of UFI Filters Group. UFI Filters pays Chinese associate companies for the supply of filters. The Italian Tax Administration denied deductibility claiming that the cost plus mark up was not priced at arm’s length relying on a built up sample of 6 chinese companies. The Supreme Court sided with the lower Court underlining that the product differences, customer base, location ( the selected 6 comparable Chinese companies had different product ranges and not located in Shanghai) and risk and function analysis ( it was absent from the Tax Administration’s comparable data analysis)were requisite elements for valid comparison. #tax #transferpricing #court https://lnkd.in/dZ6jQpRx

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#News | 𝗨𝗽𝗱𝗮𝘁𝗲 𝗼𝗻 𝗜𝘁𝗮𝗹𝗶𝗮𝗻 𝘁𝗮𝘅𝗮𝘁𝗶𝗼𝗻 𝗶𝗻 𝗮𝗻 𝗶𝗻𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗰𝗼𝗻𝘁𝗲𝘅𝘁 🔎 Our latest article delves into the significant changes in Italy's international taxation framework for 2024, including new definitions of tax residency and increased rates for wealth taxes on foreign assets. Read on to understand how these developments might impact you 🔻 #MFO #MultiFamilyOffice #MUA

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Read our latest Tax & Legal Alert which summarizes the preliminary implementing regulations for the Italian Cooperative Compliance Regime Download here 👉 https://lnkd.in/dQ4X3zhc #italiantax #taxalert #kpmgtax #kpmg #compliance KPMG Italy Giorgio Dal Corso

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Investment in Italy: This insight provides useful information about incentives for investors, regulatory background, accounting and reporting and taxation. Its purpose is to provide general guidelines on investing or doing business in Italy and reflects the situation in Italy at 31 December 2023. #kpmg #KPMGtax #investitaly #italy KPMG Italy

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Chiara Montanari and Andrea Bellegati are attending the HLB Advisory Tax Audit Conference in Prague from July 8th to 11th and we are pleased to announce that Chiara, HLB Analisi’s Sustainabily Manager, will be one of the Speakers in the Conference, talking about "Sustainability Consulting - What's Driving Growth". #HLBATAConference #Prague2024 #TogetherWeMakeItHappen #sustainability #HLBanalisi

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ITR | Italian VAT aspects of litigation finance Paolo Ludovici and Pietro Bricchetto on ITR (International Tax Review) examine the Italian tax authorities’ interpretative position concerning the VAT regime applicable to dispute financing services provided within the framework of third-party litigation funding agreements. Read the article: https://lnkd.in/dn_-JujU #internationaltax #taxpolicy #indirecttax #vat #taxlitigation #italytax #internationaltaxreview #GPBL

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🇮🇹 Regolamentazione Societaria e Fiscale a Singapore | Webinar | 26 Luglio 2024- 11am CET 🧑‍💻ICCPI would like to share with you an initiative starting this month, we will launch a series of monthly online meetings focused on Corporate and Tax Regulation in key jurisdictions where we operate (directly or indirectly), including Singapore, Australia, the Philippines, Dubai, Malaysia and Vietnam. 🇸🇬The first of these meetings will focus on Singapore. The meetings are designed to provide a technical and practical overview of local regulations and are aimed at companies that are approaching these markets. ➡️ Register here: https://lnkd.in/dJRcxmGu

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Catch up with the latest Tax 'weekly roundup' from member firm Morri Rossetti. #tax #iapacommunity #morrirossetti #weeklyroundup

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Penalty protection and Risk prevention as basis for the new Italian cooperation between taxpayer and Revenue Agency. The new relationship based on trust and transparency. Maria Iulia Santaniello Dornbusch #trust #Italiantaxation #cooperative #transparency https://lnkd.in/d7-AwZx7

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#Treatyinterpretations We all know that taxes should be levied per the provisions of the Act. Whether the same hold true for tax treaties also? Yes, in our view. What if the source state has mis-characterised your income resulting in the wrong withholding of taxes? If so, whether the Resident state be obligated to give the tax credit? What if they deny it? In such a situation can the taxpayer seek the deduction of foreign tax paid from the resident state? Whether MAP route be invoked for seeking resolution? All of the above has been addressed in the weekly #AroundTheGlobe series, brought jointly with Taxsutra , in a similar situation dealt with by the Italy Supreme Court. The Italy Supreme Court interalia held that the resident state is not obligated to grant the foreign tax credit for taxes wrongly paid in the Source State and instead, the taxpayer must make a refund request to such Source State. #taxtreaty #dtaa #ftc #taxcredit #Italy #pakistan #crossborder #deduction #map #dueshare #royalty #businessprofits #otherincome #permanentestablishment #courts #opinions #interpretations

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