Penalty for failure to register purchase invoices
The Italian Tax Office, in its response to ruling no. 115 of April 17, 2025, clarified that the failure to register purchase invoices may result in penalties pursuant to Article 6, paragraph 1 of Legislative Decree 471/97, regardless of the exercise of the right to deduct VAT. According to the Agency, the obligation to register always exists and must occur within mandatory deadlines. However, some professionals and commentators argue that this position does not align with the text of Article 25 of Presidential Decree 633/72, which links the annotation of the invoice to the exercise of the deduction. Moreover, Article 6, paragraph 7 of Presidential Decree 695/96 establishes that it is not mandatory to annotate invoices for purchases with non-deductible tax. In situations of uncertainty regarding the relevance of a purchase, it may be more appropriate to apply different penalties, such as that for irregular bookkeeping.
News regarding Biennial Preventive Concordat
The discipline of the biennial preventive concordat (CPB), pursuant to Legislative Decree No. 13 of February 12, 2024, has been modified by Legislative Decree No. 81 of June 12, 2025. Among the introduced changes, we highlight the following:
- the repeal of the CPB provisions for taxpayers under the flat-rate regime according to Law No. 190/2014;
- the postponement to September 30 of the deadline to join the CPB for ISA subjects;
- the introduction of new exclusion grounds, including exclusion from the CPB for professionals who declare self-employment income and participate in professional associations or partnerships if neither adhere to the CPB;
- the clarification that relevant contributions for exclusion from the CPB are those concerning a business or a business branch;
- the introduction of limitations on the substitute tax on the higher agreed income.
Effective tax rate in interim financial statements
The Italian Accounting Body (OIC) has published the final version of accounting principle OIC 30, which governs interim financial statements; this principle will become mandatory starting from the financial periods beginning on January 1, 2026. However, companies may voluntarily adopt the new principle for interim financial statements related to periods that began on or after January 1, 2025. OIC 30 regulates the preparation of interim financial statements, treating them similarly to annual financial statements, with a homogeneous application of recognition, classification, and measurement principles to ensure consistency and business continuity, providing timely information on management. Its key features include:
- the application of the same criteria as the annual financial statements;
- the calculation of taxes based on the estimated effective annual rate;
- the impossibility of restoring impairments of goodwill (an impairment of goodwill recognized in an interim financial statement cannot be restored in a subsequent interim financial statement, in line with what is provided for the annual financial statement – unless the permanent decline in value was determined by a valuation error);
- greater clarity and completeness of information in the Notes. The interim financial statement must contain clear and detailed information, including a Note that confirms the compliance of the statement with national accounting principles and the provisions of the principle itself. Additionally, the Note must provide information on the evolution of business management, the financial and asset situation, and the economic result of the interim period.
Dismantling and restoration costs with limitations
The Ministerial Decree (DM) Mef of June 27, 2025, in relation to the new paragraph 40A of OIC 16, establishes that the update of the fund for restoration and dismantling costs, if not separated from depreciation, is fiscally recognized at 5% annually, distributed consistently over the depreciation period. This regulatory intervention aims not to penalize companies that account for restoration and dismantling costs by capitalizing them into the asset and setting aside the fund, but it addresses the non-deductibility of the tax for updates of the fund. In summary, the Mef decree introduces a tax benefit for companies concerning the updates of the fund in question, ensuring a tax deduction of 5% per year, if not accounted for separately from depreciation.
Enhanced derivation also for microenterprises
Microenterprises will be able to apply the strengthened derivation method by also preparing the financial statements in abbreviated form, as provided for by Article 3 of the draft legislative decree approved by the Council of Ministers on July 14, 2025, which contains certain supplementary and corrective provisions of the implementing rules of the tax reform, effective from the 2025 financial year. The modification impacts Article 83 of the Tuir, expanding the scope of enterprises that can use accounting principles for the determination of business income. Microenterprises, based on Article 2435-ter of the Civil Code, will therefore be able to apply for tax purposes “the criteria for qualification, temporal allocation, and classification in the financial statements as provided by their respective accounting principles” even with abbreviated financial statements.
Verification of the relevance of expenses deductible for IRAP purposes
Recent legal guidelines and the Italian Tax Office highlight that, for the calculation of IRAP (regional tax on productive activities), the relevance of deducted costs is subject to verification according to civil law criteria and not tax criteria (Cass. no. 20405/2025; response to inquiry no. 25/2025). The repeal of Article 11-bis of Legislative Decree 446/97 has made it necessary to refer to practices and jurisprudence for the correct application of these principles. Various orders and rulings from the Supreme Court have established that the deductibility of costs must comply with accounting principles, as seen in order no. 7183/2021 and ruling no. 6492/2023 concerning leasing charges, as well as ruling no. 11791/2024 regarding vehicle costs. Finally, the verification of relevance can be carried out by the tax administration, based on the correct recording of costs in the income statement, without applying the limits of the TUIR (Consolidated Income Tax Act) (ruling no. 20405/2025).
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