Assets and liabilities value in case of tranferring the fiscal residence in Italy
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With the resolution no. 92 / E of 5 November 2019, the Internal Revenue Service (IRS) gave some clarifications regarding the value that assets and liabilities must assume when a company moves its fiscal residence within the Italian territory.
The case examined by the IRS concerns a hypothesis of merger by incorporation, which occurred during 2018, of a company resident in a white list territory.
In particular, the IRS moved from a ruling in which was asked to give its opinion on the value that assets and liabilities must assume when a transfer in Italy occur as a result of the extraordinary transaction.
The company opinion was that the value to be assumed should be the one attributed in the Country of origin, whose amount is complying with the criteria developed by the OECD for the identification of the value in accordance with the principle of free competition.
The IRS observes that the reference standard is Article 166-bis of the TUIR, entitled “Transfer of fiscal residence within the territory of the State”, recently modified by Law Decree 29 November 2018, n. 142.
The law provision contains a specific discipline whose aim is to solve the problem of identifying the criteria to be used when attributing the value of assets and liabilities when a company moves the fiscal residence in Italy.
According to the IRS, the fiscal value to be assumed is the current value (or in the normal value as defined by the art. 9 Tuir, as the ruling refers to a case of occurred in 2018, before the changes made to Article 166-bis of the TUIR by Law Decree 142/2018).