Government measures in key jurisdictions 2nd edition final pages - Flipbook - Page 60
Italy
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Tax
•
Has any new
legislation been
introduced in light •
of COVID-19?
Company
law matters
All payments to public administrations (including VAT payments, withholding tax
payments and social security and welfare contributions) expiring on 16 March 2020
have been deferred to 16 April 2020.
Payment of VAT, payroll withholding taxes, and social security and compulsory
insurance contributions due in April and May 2020 are suspended for companies
that (i) incurred, respectively, a 33% or 50% reduction in monthly turnover in March
and April 2020 compared with March and April 2019, taking into account an annual
turnover up to or exceeding €50 million, or (ii) are active in sectors most affected by
COVID-19. Suspended payments may be executed in one payment by 30 June 2020,
or in five instalments from June 2020 onwards.
•
A tax credit for 50% of expenses relating to the sanitation of offices and purchase of
individual protection devices up to a maximum of €20,000 is granted to companies.
The overall available benefit budget is capped at €50 million for 2020.
•
A tax credit equal to 60% of monthly rental fee due in March 2020 is granted in
connection with rental of shops of C/1 cadastral category.
•
A 30% deduction from income tax due is granted, up to an amount of €30,000,
for donations in cash or in kind, by natural persons or non-commercial entities, to
finance measures to contain and manage the COVID-19 emergency. The same kind
of donations made by companies are fully deductible for corporate income tax
purposes.
•
Upon transfer of non-performing receivables carried out until 31 December 2020,
companies can opt for the conversion in tax credits of DTAs generated by tax losses
and surplus of notional interest deduction. The conversion applies for an amount
equal to 20% of the nominal value of the transferred receivables. A 1.5% annual fee
shall apply, until 2030, on the difference between converted DTAs and corporate
income tax due for the previous tax year.
•
Tax collection by the tax authorities is suspended until 31 May 2020.
All companies are allowed to hold shareholders’ meeting by means of telecommunication
– even in case their by-laws do not set forth specific provisions for such purpose – provided
that identification of participants, their attendance and voting rights are guaranteed.
Have any
The requirement under which the chairman and the secretary of the meeting shall be in
measures been
the same location – even when expressly provided for in the company by-laws – is also
put in place to
derogated.
accommodate
social distancing
(such as remote
general meetings)?
Government measures in key jurisdictions
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