VAT refund and request of taxpayer as non-resident
The European Court of Justice, with the decision of 11 June 2020 on the C-242/19 case, made some clarifications on the following points: 1. interpretation of art. 17, paragraph 2, letter g) of the VAT Directive (2006/112/CE); 2. provisions of the art. 2, paragraph 1, and art. 3 of the VAT Refund Directive (2008/9/EC). This […]
Read More »Mapping of foreign subsidiaries and regulations on Controlled Foreign Companies
The emergency at Covid-19 is forcing Italian companies to deal with the delicate management of short-term problems, first of all obtaining the necessary liquidity. This context would lead to an avoidable neglect of medium/long-term commitments, such as the calculation of taxes, which, if not properly assessed, will result in additional burdens for Italian companies. From […]
Read More »Unlimited liability of the liquidator to dissatisfied creditors for violation of the par condicio creditorum
The Third Civil Chamber of the Supreme Court, by order no. 11304 of 12 June 2020, ruled on the ‘unlimited’ liability of the liquidator towards the company’s creditors who were dissatisfied if the principle of par condicio creditorum was violated. Where, following the cancellation of the company (pursuant to art. 2495, paragraph II, of the Italian Civil Code), the […]
Read More »Shareholders or Board of Directors, who is entitled to resolve the transfer of the unique business unit owned by a limited liability company?
With the recent ruling no. 1722/2020, dated 27 January 2020, the section specialized in business matters of the Court of Rome disposed the nullity, due to the contrariety of mandatory rules which fix the shareholder’s powers, of the contribution in kind of the unique company’s business unit in favour of a newly incorporated company carried out by a […]
Read More »The validity of the russian roulette clause confirmed by Court of Appeal
The legitimacy and validity of the russian roulette clause was confirmed by the Court of Appeal of Rome, which upheld the judgment of the Court of Rome stated in 2017 in which the Court ruled on the merits, pursuant to Article 1322, paragraph 2, of the Italian Civil Code, of the clause included in a shareholders’ agreement. […]
Read More »First playable fund: Italy encourages video games development
In order to encourage the digital entertainment, the Italian Government provided a Digital Entertainment Fund, the so called “First Playable Fund”. In particular, resources are available to facilitate the development of the Italian video games industry, with the aim of supporting the design and the pre-production phases that are necessary for the creation of prototypes. […]
Read More »Limit on the use of cash
The Fiscal Decree 2020 (art. 18 of Legislative Decree no. 124/2019) for the purpose of: – counter tax evasion; – discourage the use of cash in favor of electronic money; The decree approved lowering the limit on the use of cash starting on July 1st 2020 until December 31st 2021, from € 3,000 to € […]
Read More »The Coty vs Amazon case and the use of trademarks
The Court of Justice of the European Union resolved the case known as “Coty Germany GmbH vs Amazon“[1] with the sentence of 2 April 2020 (C-567/18) and gave a preliminary ruling in favor of the e-Commerce giant regarding the interpretation of a provision of the EU Trademark Regulation. The ruling was returned to the German Federal Court […]
Read More »Copyright and concept store
On April 30, 2020, through the publication of the judgment no. 8433, issued by the Court of Cassation, a judicial case, which began before the Court of first instance of Milan in 2013, involving two well-known make-up companies, was partially concluded. The subject of the dispute was mainly based on the violation of copyright which, […]
Read More »The new mandatory audit procedure
The Law Decree no. 34/2019 – so-called Decreto Crescita, introduced starting from July 1, 2020, the obligation for the Tax office to invite the taxpayer to the audit procedure before issuing notices of assessment. On June 22, 2020, the Italian Tax Authority with the Circular no. 17/E provided clarifications on the new tax audit as per Article 5-ter of Legislative […]
Read More »Litigation and arbitration with Russian counterparty
On 19 June this year the new provisions of the Arbitrazh Procedural Code of the Russian Federation (APC)[1] came into force. Such provisions are adopted in order to protect the rights of individuals and legal entities in connection with Russia related sanctions introduced by a foreign state, state associations or unions. The new law establishes the […]
Read More »Temporary regulation of loss and reduction of capital caused by Covid-19: the first case law’s
The time frame provided for by Article no. 6 of Decree Law 23/2019, the so-called “Liquidity Decree”, which temporarily disapplied regulation of loss and reduction of capital for the financial years ending in the period from 9 April 2020 to 31 December 2020, defines both the period in which the company law are neutralised and […]
Read More »Financial intermediaries and holding companies: clarification from the Revenue Agency
Following the implementation of ATAD Directive and new Article 162 bis of Italian Income tax code, the terms “financial intermediary” and “holding company” have been made clear. The mentioned article classifies the subjects that carry out a financial activity into four categories: Financial intermediaries; Financial holding companies, also qualified as financial intermediaries; Non-financial holding companies; Subjects […]
Read More »Termination of bilateral investment treaties between EU Member States
On 5 May 2020, the majority of European Union Member States (including Italy) signed an Agreement for the termination of bilateral investment treaties (BITs) within the European Union. This Agreement implements the principles established by the famous ruling of the Court of Justice of the European Union (CJEU) of March 2018 – “Achmea case” – […]
Read More »Company claim of directors’ liability and the individual shareholder’s claim
The title originates from a legislative comparison between the rules governing the liability of directors which are apparently very different in the two most common types of Italian legal entities. Indeed, it is well known that the legislator of the 2003’ reform, structuring limited liability companies’ (S.r.l.) directors liability, on the one hand, has exalted […]
Read More »Restrictive contract clauses within the discipline of Consumer Code
The Court of Cassation recently, on April 28, 2020, expressed a principle on restrictive contract clauses and consumer contracts according to which “in the case of contracts drawn up unilaterally by the trader, two requirements for the validity of restrictive clauses have to be met. The first requirement concerns direct knowledge of the clause derogating […]
Read More »Procedure for the recognition and enforcement of foreign arbitral awards
It is a controversial question in doctrine and jurisprudence whether the decree of recognition of the foreign arbitral award issued pursuant to Article 839 of the Italian Civil Procedure Code (c.p.c.) attributes enforceable effectiveness to the award, or whether the latter, in order to become enforceable, must await the expiry of the deadline for objection […]
Read More »Registered merger transaction may not be challenged for procedural irregularity
All merger transactions under the Italian law shall follow the procedure set out in the Italian Civil Code. The final step of the procedure is the registration of the merger deed in the companies register, and according to article 2504 quater of the Italian Civil Code (I.C.C.), such a registration blocks challenges and disputes over […]
Read More »Coronavirus has no impact on impairment test valuations in 2019 financial statements
The emergency caused by the Covid-19 is having a significant impact on the operations for the companies, including those concerning the preparation of financial statements. While preparing the financial statements, directors are wondering whether the current emergency is an element that should be taken into account when assessing impairment indicators and if the estimate of […]
Read More »100% refunds for purchase of P.P.E.
Companies, regardless of their legal form, the sector in which they operate and the accounting regime adopted, can request reimbursement of 100% of the expenses incurred for the purchase of personal protective equipment (so-called P.P.E.). In fact, Invitalia in compliance with the Legislative Decree no.18/2020, better known as the CuraItalia Decree, has activated a call […]
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