Government measures in key jurisdictions 4th edition - Flipbook - Page 79
Italy
Company law
matters
Have any measures
been put in place
to accommodate social
distancing (such as
remote general
meetings)?
79
•
Tax allowance for qualified renovation works: Individuals can set off in 5 yearly
instalments an amount equal to 110% of certain qualified renovation expenses (aimed at either
increasing the energy efficiency, reducing the seismic risk, installing photovoltaic systems or devices
for charging electric vehicles) incurred between 1 July 2020 and 31 December 2021. The tax benefit
can be used for either: (i) a discount by the service provider on the agreed fee for the relevant
work, since the service provider will be entitled to enjoy a tax credit corresponding to the discount
made or to assign for consideration such credit to third parties, or (ii) the conversion of the tax
allowance into a tax credit, which could be either enjoyed or assigned for consideration to third
parties, including banks and financial intermediaries. The assignees of the tax credit can use the
relevant tax benefit to set it off against their own tax liabilities (in the same residual yearly
instalments available to the taxpayer prior to the transfer or assignment). Any yearly deductible
instalment not used to set off tax liabilities cannot be carried forward or claimed for refund. The
benefit is capped to €50,000, €40,000 or to €30,000 per residential unit, depending on the type of
buildings.
•
Tax incentive for donations against Covid-19: 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 noncommercial 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.
All companies are allowed to hold shareholders’ meetings (which are convened within 15 October
2020) 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.
The requirement under which the chairman and the secretary of the meeting shall be in the same
location – even when expressly provided for in the company by-laws – is also derogated.
Government measures in key jurisdictions