Antonella Della Rovere Joins IWBank’s Board of Directors

Milan, Italy – April 20, 2020 – IWBank today announced that Antonella Della Rovere, partner of Crowe Valente, has been elected to IWBank’s board of directors. IWBank is an Italian online bank owned by UBI Banca Group, the fourth largest banking Group in Italy that has Dario Di Muro as the CEO.

The board of directors of IWBank is renewed with a new chairman and the addition of four board members. Andrea Cuomo will replace Massimo Capuano as Chairman of the Bank that was holding the position from 2013. The new board members are Paolo Prandi, Antonella Della Rovere, Elisabetta Beatrice Cugnasca e Leonardo Rubattu.

Antonella Della Rovere is a partner of Crowe Valente where she is responsible for the development of the relations with large companies and institutions. Previously, she has worked for banks, insurance and consulting firms. For many years she has carried out research activities at universities and is an author or numerous publications.

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Italy Issues Changes to the Operation of Country-by-Country Reporting

The Ministry of Economy and Finance has produced some amendments regarding the use of the data and information contained in country-by-country reporting (CbCR) with the Ministerial Decree no. 194 of August 8 2019 (hereinafter, the Decree). Pursuant to Article 4 of the Decree of February 23 2017, the information contained in CbCR concerns consolidated data relating to all the companies of the group analysed regarding revenues, profits, taxes, etc., as well as the definition of all the activities and functions carried out by the group’s entities.

Published in: www.itrinsight.com (Local Insights) - January 2020

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Evaluating TP Policies in Loss-Making Companies

During tax audits, tax authorities frequently focus on companies within multinational groups that book steady losses over several years. In these companies, behind the losses authorities often find transfer pricing policies that are not in compliance with the arm’s-length principle. This observation is supported by the 2017 OECD Transfer Pricing Guidelines 2017 (para 1.129 – 1.131).

According to the OECD Guidelines, when a company that belongs to a multinational group consistently books losses while its multinational parent remains profitable, authorities must analyse its tax practices, paying particular attention to the TP policies.

Published in: ITR - International Tax Review - 05 December 2019

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Italy Amends its Patent Box Regulation

The patent box regime was introduced in Italy with the Legge di Stabilità 2015 and has been subject to amendments over subsequent years. The aim of this regime is to provide for tax relief on income deriving from intangible assets like industrial patent and intellectual property designs and models.

The original regulation provided for the obligation to undergo a ruling procedure by the Italian tax authority to identify methods of determining the qualified income deriving from the direct use of intangible assets (in the case of indirect use of intangible assets, this ruling was not mandatory).

Published in: ITR - International Tax Review - 30 October 2019

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Italian Tax Agency Clarifies Transfer Pricing Adjustments and VAT

The case in the tax ruling referred to transfer pricing adjustments made to permit the applicant enterprise to reach the minimum profit level provided in the group TP policy.

Specifically, the applicant company provided goods and services to a related company. According to an agreement between them, the former received remuneration from the latter for the difference between the amount of profit actually realised and the amount of profit at arm’s length. The question raised was whether or not such remuneration was relevant for VAT purposes.

Published in: TP Week - 7 November 2018

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Mandatory Electronic Invoicing: Are You Ready?

The Italian Revenue Agency has provided clarifications and practical guidance on the issuance, receipt and preservation of electronic invoices through various rulings.

The Italian Budget Law 2018 provided that both companies and individuals liable to VAT must issue and receive electronic invoices when they supply goods or services to Italian tax residents. The obligation enters into force on January 1 2019. However, it already applies to the supply of gas and petrol as motor fuel as of July 1 2018.

Published in: TP Week - 2 August 2018

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Transfer Pricing and Double Taxation: Italy’s Downward Adjustment Procedure

Published in: TP Week - 6 June 2018

The new rules (regulation - Provvedimento 108954/2018) were issued on 30 May 2018, following a public consultation launched in February 2018. The new regulation follows the amendments introduced in 2017 for Italian transfer pricing rules. Such amendments provided for an extended taxpayer’s right to request downward adjustment in connection with the correct application of the arm’s-length principle.

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Italy Refines Transfer Pricing Methodology

Published in: TP Week - 24 May 2018

On May 14 2018, the Italian Ministry of Economy and Finance issued a decree providing guidelines for the application of the Italian transfer pricing provisions, following relevant public consultation (the decree).

The Italian transfer pricing provisions, art. 110 para. 7 of the Italian Income Tax Code, had been amended in 2017 in line with the OECD Guidelines, as updated in July 2017 following the BEPS project.
The decree is composed of nine articles and in line with the OECD Guidelines on transfer pricing – these have been explicitly taken into account, according to the preamble. Further implementing provisions are expected to be issued by the Italian Revenue Agency, in particular with regards to updates of the OECD Guidelines.

In more detail, concerning the concept of control, the decree confirms the approach of the tax administration requiring verification of legal as well as economic control for the application of transfer pricing regulations.
The decree also adopts the notion of comparability as provided in the OECD Guidelines. For the assessment of comparability, it affirms the need to proceed with the analysis of the economically significant characteristics of the transactions (contractual terms, functional analysis, characteristics of goods and services, economic circumstances, company strategies).

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Italy Holds Public Consultation on New Transfer Pricing Rules

Published in: TP Week

On April 24 2017, the Italian provision on transfer pricing, article 110 paragraph 7 of the Italian Income Tax Code, was amended to clearly and definitively define and establish the principle of open-market conditions.
According to the amended provision, profit from transactions between Italian enterprises and related foreign enterprises shall be estimated “by reference to the conditions and prices that would have been agreed between subjects operating in open market conditions under comparable circumstances”.

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CbCR Obligations for Italian Entity Members of US Groups

Published in: TPWeek

An agreement for the automatic exchange of country-by-country reports (CbCR) between Italy and the US (Agreement) came into effect on September 27 2017, as announced by the Italian minister for economy and finance.
The above agreement derives its legal basis from Art. 26 of the Convention for the Avoidance of Double Taxation in effect between the US and Italy.

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Lawyer Monthly - Women In Law Awards Edition 2017

The Lawyer Monthly Women in Law Awards celebrate and highlight the achievements of women in the legal profession across the globe.

As a result of several months of research and preparation, the Lawyer Monthly Women in Law Awards reward female legal experts that have overcome challenges and influenced the wider legal profession in their jurisdiction. The winners include all areas of the legal profession, from high achieving junior associates, to long serving barristers.

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Cooperative Compliance: The Italian Framework

Published in: TPWeek

On May 26 2017 the Italian regime on cooperative compliance was further clarified by the Italian Revenue Agency (IRA or tax administration) by virtue of a new regulation (provvedimento). Antonella Della Rovere and Federico Vincenti of Valente Associati GEB Partners explain.

The Italian framework of cooperative compliance has been built since 2014, when it was envisaged by law as part of a set of measures to establish a fairer, more transparent and growth-oriented national tax system.

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Italy: Changes to the TP Framework

On April 24 2017, a new law decree (N. 50/2017) introduced changes to the Italian transfer pricing framework. Antonella Della Rovere and Federico Vincenti from Valente Associati GEB Partners look at the changes.

In a nutshell, the Italian provision on transfer pricing (art. 110 para. 7 of the Italian Income Tax Code) was amended to clearly and definitively encompass the principle of open market conditions.

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Country-by-Country Reporting Finally Arrives in Italy

Published in: TPWeek

In February 2017, the Italian Ministry for Finance issued the long-awaited ministerial decree for the implementation of country-by-country reporting (CbCR) in Italy – Ministerial Decree No. 23 of February 23 2017. Antonella Della Rovere and Filipa Correia of Valente Associati GEB Partners discuss the implications.

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Automatic Information Exchange Comes to Italy

Published in: TP Week

In December 2016, the Italian Council of Ministers presented to Parliament the Draft Legislative Decree for the implementation of Directive 2015/2376/EU.
The decree sets out automatic exchange of information in the field of taxation, in particular with respect to advance cross-border rulings and advance pricing agreements (APAs).

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