TAX MEASURES IN SUPPORT OF UNDERTAKINGS |
Suspension of obligations and payments
Generalized deferral of payments due on March 16th, 2020
Stakeholders
All taxpayers who do not fall into the categories below.
Suspended payments and suspension period
Payments to Public Administrations expiring on March 16th, 2020: VAT, withholding taxes, social security and welfare contributions and premiums for compulsory insurance.
By when to make payment
Payments must be made by March 20th, 2020.
Generalized suspension of tax obligations
Stakeholders
Companies and permanent establishment who have their tax domicile, registered office or operational headquarters in the territory of Italy.
Tax compliance suspended and suspension period
Tax compliance – various:
-
- from payments;
- from making withholding taxes;
- deductions relating to the regional or municipal surcharge.
which expire in the period between 8th March 2020 and 31st May 2020.
By when to proceed with tax compliance
Suspended obligations must be carried out by 30th June 2020, without applying sanctions.
Suspension of payments for taxpayers with revenues and fees not exceeding € 2 million
Stakeholders
Companies and permanent establishments that have their tax domicile, registered office or operational headquarters in the territory of Italy, with revenues or fees not exceeding € 2 million in the tax period preceding the one in progress at the date of entry into force of the Legislative Decree n. 18/2020 (31/12/2019 for subjects with the business year coinciding with the calendar year).
Suspended payments and suspension period
Self-settlement payments that expire in the period between 8th March 2020 and 31st May 2020, relating to:
- withholding taxes referred to in articles 23 and 24 of Presidential Decree no. 600/1973, and withholdings relating to the regional and municipal surcharge, which the aforementioned subjects operate as tax substitute;
- social security and welfare contributions, as well as compulsory insurance premiums, as well as
- the VAT due in the month of March.
By when to make payments
Suspended payments must be made, without the application of penalties and interest:
- in a single solution by May 31st, 2020 (June 1st, 2020, given that May 31st falls on Sunday), or
- in installments up to a maximum of 5 equal monthly installments, starting from the month of May 2020.
There is no refund for what has already been paid.
Suspension of payments for taxpayers from the provinces of Bergamo, Cremona, Lodi and Piacenza
The subjects who have their tax domicile, registered office or operational headquarters in the Provinces of Bergamo, Cremona, Lodi and Piacenza.
Suspended payments and suspension period
- Self-settlement payments related to: VAT
which expire in the period between 8th March 2020 and 31st March 2020.
By when to carry out obligations and payments
Suspended payments must be made, without the application of penalties and interest:
-
- in a single solution by May 31st, 2020 (June 1st, 2020, given that May 31st falls on Sunday), or
- in installments up to a maximum of 5 equal monthly installments, starting from the month of May 2020.
There is no refund for what has already been paid.
Suspension of payments for taxpayers from the so-called “red zone”
The subjects who have their tax domicile, registered office or operational headquarters in the Municipalities identified in Annex 1 of the Prime Minister’s Decree of 1st March 2020 (Municipalities of the so-called ” red zone “).
Suspension of obligations and payments
- Payments and tax obligations, including those deriving from payment slips issued by collection agents, as well as executive assessment notices, expiring in the period between February 21st, 2020 and March 31st, 2020;
- Tax substitutes are not required to make withholding taxes as per articles 23 and 24 of Presidential Decree no. 600/1973 in the period between 21st February 2020 and 31st March 2020.
By when to make obligations and payments
The fulfilments and suspended payments must be made in a single payment within the month following the end of the suspension period.
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Suspension of withholding tax payments, social security contributions and insurance premiums for the tourism sector
Tourist-receptive enterprises, travel and tourism agencies and tour operators, having their tax domicile, registered office or operational headquarters in the territory of the State.
Suspension of obligations and payments
- The withholding tax payments referred to in articles 23 and 24 of Presidential Decree no. 600/1973, which these subjects operate as tax substitute;
- the obligations and payments of social security and welfare contributions and premiums for compulsory insurance, which expire in the period between 2nd March 2020 and up to 30th April 2020;
- The payment of VAT expiring in March.
By when to make obligations and payments
The obligations and payments must be made, without the application of penalties and interests:
- in a single solution by May 31st, 2020 (June 1st, 2020, given that May 31st falls on Sunday), that is,
- in installments up to a maximum of 5 equal monthly installments, starting from the month of May 2020.
There is no refund for what has already been paid.
Suspension of withholding tax payments, social security contributions and insurance premiums for specific sectors
- national sports federations, sports promotion bodies, associations and sports clubs, professional and amateur, as well as subjects that manage stadiums, sports facilities, gyms, clubs and structures for dance, fitness and bodybuilding, sports centers, swimming pools and swimming centers;
- subjects that manage theaters, concert halls, cinemas, including ticketing services and support activities for artistic performances, as well as discos, dance halls, nightclubs, game rooms and billiards;
- entities that manage lottery offices, lotteries, bets, including the management of related machines and apparatus;
- subjects that organize courses, fairs and events, including those of an artistic, cultural, recreational, sporting and religious nature;
- subjects that manage catering, ice cream shops, patisseries, bars and pubs;
- subjects that manage museums, libraries, archives, places and historical monuments, as well as botanical gardens, zoos and nature reserves;
- subjects that manage day nurseries and daycare services for disabled children, educational services and kindergartens, first and second-degree educational services, professional training courses, sailing, navigation, flight schools, which issue patents or commercial driving licenses, professional driving schools for drivers;
- individuals who carry out non-residential social assistance activities for the elderly and disabled;
- spa companies according to law no. 323, and centers for physical well-being;
- subjects who manage amusement parks or theme parks;
- entities that manage bus, railway, underground, sea or airport stations;
- entities that manage freight and passenger transport services by land, air, sea, river, lake and lagoon, including the management of funiculars, cable cars, cable cars, chair lifts and ski lifts;
- entities that manage rental services for land, sea, river, lake and lagoon transport vehicles;
- subjects that manage sports and recreational equipment rental services or structures and equipment for events and shows;
- subjects who carry out driving and tourist assistance;
- ONLUS registered in the appropriate registers, voluntary organizations registered in the regional registers and of the autonomous provinces, and social promotion associations registered in the national, regional and autonomous registers of Trento and Bolzano, which exercise, exclusively or principally, one or more activities of general interest provided for by article 5, paragraph 1 of Legislative Decree no. 117/2017.
Suspension of obligations and payments
- The withholding tax payments referred to in articles 23 and 24 of Presidential Decree no. 600/1973, which these subjects operate as tax substitute;
- the obligations and payments of social security and welfare contributions and premiums for compulsory insurance, which expire in the period between 2nd March 2020 and up to 30th April 2020;
- The payment of VAT expiring in March.
By when to carry out obligations and payments
The obligations and payments must be made, without the application of penalties and interests:
-
- in a single solution by May 31st, 2020 (June 1st, 2020, given that May 31st falls on Sunday), or:
- in installments up to a maximum of 5 equal monthly installments, starting from the month of May 2020.
There is no refund for what has already been paid.
Suspension of withholding tax payments, social security contributions and insurance premiums for the sports sector
National sports federations, sports promotion bodies, associations and sports, professional and amateur clubs.
Suspension of obligations and payments
- The withholding tax payments referred to in articles 23 and 24 of Presidential Decree no. 600/1973, which these subjects operate as tax substitute;
- fulfilments and payments of social security and welfare contributions and premiums for compulsory insurance, which expire in the period between 2nd March 2020 and until 31st May 2020;
- The payment of VAT expiring in March.
By when to carry obligations and payments
The obligations and payments must be made, without the application of penalties and interests:
- in a single solution by 30th June 2020, that is,
- in installments up to a maximum of 5 equal monthly installments, starting from the month of June 2020.
It will be refunded if the amount already paid.
TABLE OF SUMMARY OF FULFILLMENTS AND PAYMENTS
|
Contributors |
Payments and obligations suspended |
New terms |
| All taxpayers who do not fall into the categories below | Payments to the PA, including those relating to social security and welfare contributions and premiums for compulsory insurance, expiring on March 16th, 2020 | Suspended payments must be made by March 20th, 2020 |
| All taxpayers | Tax obligations other than payments and other than the withholding tax and withholding taxes relating to the regional and municipal surcharge, which expire in the period between 8 March 2020 and 31st May 2020 | Suspended obligations must be carried out by 30th June 2020, without applying sanctions |
| Taxpayers, those who carry out business activities, art and profession, with revenues and fees not exceeding € 2 million | Self-assessment payments that expire between 8th and 31st March 2020, relating to: withholding taxes on salaries for employees and similar workers; social security and welfare contributions; premiums for compulsory insurance and VAT expiring in March | Suspended payments must be made in a single payment by May 31st, 2020, or in monthly installments, up to a maximum of 5, starting from the same date. |
| Taxpayers from the provinces of Bergamo, Cremona, Lodi and Piacenza | VAT payments that expire between 8th March 2020 and 31st March 2020 | Suspended payments must be made in a single payment by May 31st, 2020, or in monthly installments, up to a maximum of 5, starting from the same date. |
| Taxpayers of the so-called “red zone”Tax obligations | Tax obligations and payments due between February 21 and March 31st, 2020. The suspension also concerns the payments of the files issued by the collection agents, and payments due as a result of executive assessments by the Revenue Agency. Tax substitutes are not required to make tax withholding. | Suspended payments must be made in a single payment by May 31st, 2020 |
FINANCIAL STATEMENT 2019 |
Approval meetings in the emergency context
Article 106 of the Decree-Law introduces provisions designed to allow companies to call shareholders’ meetings within a longer time limit than the ordinary time limit established by the Italian Civil Code, as well as to facilitate the holding of shareholders’ meetings in compliance with provisions designed to reduce the risk of contagion. The rule, which is valid for all companies, cooperatives and mutual insurance companies, applies to shareholders’ meetings convened by 31st July 2020, or by the date – if later – until the state of emergency on national territory relating to the health risk associated with the outbreak of the COVID-19 epidemic. As an exception to the provisions of the Italian Civil Code and the Articles of Association, the Shareholders’ Meetings for the approval of the 2019 financial statements may be convened within 180 days of the end of the financial year and may be held using telecommunications that guarantee the identification, participation and exercise of voting rights.
INTERVENTION AND VOTING
- joint-stock companies, limited partnerships companies, limited liability companies, cooperatives and mutual insurance companies may provide for the expression of the vote electronically or by correspondence and attendance at the meeting through telecommunication means;
- the meeting may take place exclusively by means of telecommunications without the chairman, the secretary or the notary being in the same place, where provided, provided that it is guaranteed: the identification of the participants, their participation and the exercise of the right to vote.
VOTE IN WRITTEN FORM
- a derogation is provided for limited liability companies that can always allow the expression of the vote by written consultation or by express written consent.
INFORMATION CONTAINED IN THE NOTES TO THE FINANCIAL STATEMENTS AND IN THE MANAGEMENT REPORT RELATED TO THE 2019 FINANCIAL STATEMENTS
Please note that, as required by the Italian Civil Code and by the national and international accounting standards, the notes to the financial statement and the management report must contain economic and financial information relating to significant events which occurred after the end of the year. These indications must illustrate, as far as possible, the business risks and the possible evolution of the management.
P.A. SUSPENSION TERMS |
Suspension of terms relating to the activities of the tax authorities
The offices of the tax authorities suspend the terms relating to the liquidation, control, assessment, collection and litigation activities for the period between 8th March 2020 and 31st May 2020.
Measures relating to requests for appeal
For the period between 8th March 2020 and 31st May 2020, the time limit (including those starting from the presentation of the required additional documentation) within which to respond to the taxpayers’ requests for appeal are suspended for the Financila Administrations according to:
- Article 11 of Law no. 212 of 27 July 2000 (Statute of the taxpayer);
- Article 6 of Legislative Decree no. 128/2015 (Provisions on the so-called “Collaborative Compliance”);
- Article 2 of Legislative Decree no. 147/2015 (so-called “Interpello nuovi investimenti”).
The same suspension also applies to the calculation of the terms provided for in article 3 of Legislative Decree no. 156/2014, to regularize (following an invitation from the Financial Administration) the requests for appeal which did not meet the requirements.
For the period between 8th March 2020 and 31st May 2020, all the deadlines related to the following shall also be suspended:
- the communication relating to the judgment on the admission to the regime of the so-called “collaborative fulfillment”, provided for in article 7, paragraph 2, of Legislative Decree no. 128/2015, provided for by the Financial Administration;
- the completion of the procedures and obligations for the so-called enhanced cooperation and collaboration, governed by article 1-bis of Legislative Decree 24 April 2017, n. 50;
- the completion of the procedures and fulfilments provided for in articles 31-ter and 31-quater of Presidential Decree no. 600/1973, respectively, relating to preventive agreements for companies with international activity and adjustment to decrease income for transactions between companies associated with international activities;
- the regulation of the procedures provided for the so-called ” Patent Box” by article 1 (paragraphs 37 to 43) of the law of 23 December 2014, n. 190.
All response time limits start from the first day of the month following the end of the suspension period (i.e. from June 1, 2020).
Suspension of access to the Tax Registry office
In the period between March 8th, 2020 and May 31st, 2020, the activities that are not of an unavoidable and urgent nature, consisting in the answers to the requests made pursuant to articles 492-bis of the Italian Criminal Code, 155-quater, 155-quinquies and 155-sexies of the implementing provisions, aimed at accessing the Tax Registry database, including the Archive of financial reports, by the judicial officer, for the search of assets to be seized by the judicial officer, are suspended.
Suspension of the terms relating to compliance with the transparency and publicity obligations of the Public Administration
In the period between March 8th, 2020 and May 31st, 2020 , the terms of response to requests for access to documents regulated by article 22 of the law of August 7, 1990, n. 241, and civic access according to article 5 of Legislative Decree no. 33/2013 concerning disclosure and transparency obligations are suspended for the Public Administrations.
Extension of the forfeiture and limitation periods related to the activities of the offices of the tax authorities
The forfeiture and limitation periods related to the activity of the offices of the tax authorities are extended, as a result of express reference to the provisions of article 12 of Legislative Decree no. 159/2015 and as an exception to the prohibition on extending the terms of forfeiture and in derogation of the prohibition to extend the limitation and prescription periods provided by Article 3, paragraph 3 of Law no. 212 of 27th July 2000 (so-called Statute of the Taxpayer);
For this reason, the forfeiture and limitation periods that expire by the deadline of 31st December 2020 are extended until 31st December of the second year following the end of the suspension period.
Because of this, the assessment activities relating to the 2015 tax period are extended until 31 December 2022.
Suspension of payments
The terms of payments deriving from:
- payment related to tax assessment;
- assessment notices;
- debit notices issued by social security institutions
due between 8th March 2020 and 31st May 2020.
This suspension also applies:
- the acts of enforcement issued by the Customs and Monopolies Agency;
- injunctions issued by local authorities pursuant to Legislative Decree no. 639/1910;
- new executive acts of assessment and imposition of sanctions issued by local authorities according to article 1, paragraph 792, Law n.160 / 2019 (Budget Law 2020), both for tax and property revenue.
By when to carry out obligations and payments
The obligations and the suspended payments must be made one-shot within the month following the end of the suspension period (i.e. by 30th June 2020). There is no refund for what has already been paid.
Payment deadlines as of May 31, 2020:
- of February 28th, 2020 relating to the so–called ” rottamazione-ter ” (article 3, paragraphs 2, letter b), and 23, and article 5, paragraph 1, letter d), of Legislative Decree No. 119/2018, as well as article 16-bis , paragraph 1, letter b), number 2), of the DL n. 34/2019);
- of March 31st, 2020 regarding the so-called ” saldo e stralcio ” (article 1, paragraph 190, Law no. 145/2018).
Suspension of the terms of tax proceedings and postponement of hearings
It has been set the suspension until April 15, 2020 of the terms for the notification of the appeal at first instance before the Tax Commissions and of the deadline of 90 days for the conclusion of the complaint-mediation procedure referred to in Article 17-bis, paragraph 2, is ordered of Legislative Decree n. 546/1992, provided for disputes of a value not exceeding 50,000 euros;
According to article 83 of the “Cura Italia” decree, from 9 March to 15 April 2020, the deadlines for carrying out any procedural act, including the lodging of appeals, are suspended and all hearings scheduled from 9 March to 15 April 2020 are postponed ex officio after April 15, 2020.
MOVEMENT OF GOODS |
Restrictions on the movement of goods
Following the adoption of the Ministerial Decree of 8 March 2020 and 9 March 2020, the Ministry of Infrastructure and Transport (“MIT”) – in line with what was expressed by the Minister of the Interior, the Minister of Foreign Affairs and International Cooperation and by the Head of Civil Protection – with a note issued on March 8, 2020, clarified that:
- There are NO restrictions on the transportation of goods. All goods (therefore not only the first need goods) can be transported on the national territory;
- There are NO restrictions on the transit and loading and unloading of goods, in compliance with the safety measures provided for by the decrees;
- The transport of goods is considered as a working need: the personnel who drives the vehicles can move, limited to the needs of delivery or collection of the goods, keeping on board the travel documents proving the working needs.
- Logistics operators can continue to move within and outside limited territories, keeping travel documents proving their working needs on board.
Despite the recent measures relating to the limitation of the freedom of movement of individuals, the new Prime Ministerial Decree of 11 March 2020 does NOT place several restrictive measures on the movement and transportation of goods, including cross-border.
In addition, the MIT (Ministry of Internal Transport) is working to ensure the restoration of the cross-border movement of goods, where limited by other states.
Also for logistics and transport companies, the provisions of the Dpcm 11 March 2020 remain unchanged regarding the measures to be implemented for the containment of COVID-19, where applicable, such as:
- adoption of agile working methods (in this case, for employees who are not carriers and / or couriers);
- suspension of activities in company departments not indispensable for production;
- adoption of protocols of security anti-infection (for example, allocation of individual protection devices);
- sanitation of workplaces (in this case, of the means of transport used).
EXTRAORDINARY MEASURES IN SUPPORT OF BUSINESSES |
Among the first urgent measures to support businesses, action was taken on:
Tax credit for sanitation costs
Tax credit equal to 50% of the costs of sanitizing environments and work tools, up to a maximum of €20,000.00 . Resources made available in 2020 equal to € 50,000,000.00 .
Tax credit on uncollectible credits
Possibility of converting into tax credit the prepaid taxes relating to the assignment of uncollectible receivables by 31/12/2020 and to an extent not not exceeding 20% of the nominal value of the assigned receivables.
Option not to be subject to withholding taxes
It is foreseen for people with revenues or fees not exceeding € 400,000 in the 2019 tax period that the revenues and fees received in the period between 17.03.2020 and 31.03.2020 may not be subject to withholding taxes by the tax substitutes, provided that in the previous month they did not incur expenses for employee or similar work.
To access this option, the interested person makes and issues a specific declaration to the debtor.
The amount of unpaid withholding taxes must be paid one-shot by 31.05.2020 or by installments starting from the month of May for a maximum of 5 installments, without the application of penalties and interest.
PMI (medium-sized enterprises) Guarantee Fund (MEDIOCREDITO). The following measures shall apply for a period of 9 months
– The guarantee is granted free of charge;
– The maximum guaranteed amount per individual company is € 5 million;
- for direct guarantee operations, the coverage is equal to 80% of the amount of each financing operation and for a maximum guaranteed amount for each company of € 1,500,000;
– for reinsurance operations, the maximum coverage percentage is equal to 90% of the amount guaranteed by Confidi or by another guarantee fund, provided that the guarantees issued by them do not exceed the maximum percentage of 80% and for a maximum guaranteed amount for a single company of € 1,500,000.
- Renegotiation of existing debt is allowed with the disbursement of additional credit of at least 10 % of the residual debt in addition to the existing debt;
- Extension of the fund’s guarantee, where the suspension of payment of the installments has already been granted due to effects related to the Covid-19 epidemic;
- The guarantee for investments in the hotel and real estate sector with a duration of at least 10 years and for an amount greater than € 500,000 can be combined with other guarantees;
- Possibility of raising the fund’s guarantee on specific loan portfolios towards companies affected by Covid-19 belonging to specific sectors;
- The guarantee for new 18-month loans of up to € 3,000 disbursed by banks in favor of individual entrepreneurs, artists or professionals is 80% directly and 90% in reinsurance.
Liquidity to businesses
– Following a reduction in turnover, “Cassa Depositi e Prestiti” will provide liquidity through banks up to a maximum of 80% of total exposure.
Funding for internationalization
– Payment of installments of loans granted by Mediocredito may be suspended until 31-12-2020.
Financial support for granted loans
- Irrevocability of revocable credit facilities and loans granted against credit advances until 30 September 2020;
- Extension of the maturity of the loans until 30 September 2020;
- Suspension of installments for mortgages, other loans and lease payments until 30 September 2020;
- Applicability of the measures listed only to debt exposures not classified as non-performing;
Chamber of commerce rights (for companies in the ” red zone ” territories)
– annual chamber rights are suspended until 30th April 2020;
– Administrative penalties are suspended until 30th April 2020;
– these payments will be due by 31st May 2020;
Insurance policies (for companies in the « red zone » territories )
– payments of the installments of the life , marriage and birth policies expiring between 21st February and 30th April 2020 are suspended ;
– Payments for insurance policies must be made by 31st May 2020 or by installments by 31st December 2020 ;
– The suspension of payments does not regard the insurance contracts entered into during the period of suspension.
Suspension of utility payments (for companies in the ‘ red zone ‘ territories)
– The terms of payment of invoices and payment alerts issued or to be issued, regarding the fields of energy, water, gas, and to the integrated cycle of urban waste management, are suspended up to April 30th, 2020;
– The regulatory authority for energy, networks and environments will regulate, within 120 days from the entry into force of the decree, the methods of payment by installments of the invoices subject to suspension;
– The suspension of the fee for subscription to RAI occurs without the application of penalties and interest.
Cost containment of overdrafts for PMI (medium-sized enterprises)
– The annual contributions and other sums paid are deductible from the contributions envisaged in favor of the Confidi;
Subsidized loans
– The companies benefiting from the loans granted by Invitalia, with headquarters or local unit in the ” red zone “, can benefit from a 12-month moratorium on installments expiring on 31 December 2020;
– The moratorium can also be requested in the event of termination of the contract for non-fulfillment, provided that the related credit is not registered in the role or litigation for the recovery of the same is not already started;
– The application for a moratorium, which may also include transactions already completed, must be submitted within 60 days of the entry into force of the decree.
Export credit measures
– The Ministry of Economy and Finance is authorized to issue a guarantee in favor of SACE Spa for operations in the cruise sector.
Mortgage Loan Solidarity Fund
– Possibility also extended to self-employed workers and professionals to activate the Fund and suspend payment of mortgage loan installments for up to 9 months following the issue of a self-certification that declares to have recorded a drop in turnover of more than 33% ;
– Possibility for the Fund of the payment of compensatory interest at a rate of 50%.
Alert procedures introduced by the Corporate Crisis Code
– The reporting requirements for the organs of control and public qualified creditors for all companies operate as from 15 February 2021.
LDP is at your complete disposal for any further information and necessary actions.