PEX: new thresholds for shareholdings acquired from 2026
The 2026 Budget Law introduced two new thresholds for accessing the PEX regime on capital gains, applicable only to shareholdings acquired from January 1, 2026. To benefit from the capital gains exemption, the portion sold must represent at least 5% of the share capital or have a minimum tax value of €500,000. These thresholds are alternative and are assessed solely on the portion being sold, even if taken from a larger holding, applying the FIFO criterion. If the requirements are not met, the capital gain is taxed at the 24% corporate income tax (IRES) rate. Shareholdings held before 2026 remain excluded from the new thresholds, even if obtained through mergers, demergers, or capital increases with pre-emptive rights. It is important to note that Decree-Law 38/2026 of March 27, 2026, has further amended the rules, reinstating the thresholds provided by the previous legislation. The decree‑law effectively repeals the changes introduced by the Budget Law, with retroactive effect from January 1, 2026. The decree must be converted into law by May 26, 2026.
Connection between POS terminals and electronic cash registers: first deadline set for April 20
The new service from the Italian Italian Tax Office is now operational, allowing merchants to communicate the association between electronic payment instruments and electronic cash registers, as required by the regulations on the transmission of payments. This requirement primarily concerns POS terminals active in January, for which the communication must be sent within 45 days of the publication of the online service, bringing the first deadline to April 20. Operators can now access the reserved area of “Invoices and Payments” and use the dedicated function to indicate the links between physical or virtual POS terminals and their respective RTs or RT servers. There are different operating procedures depending on the number of recorders in use: a simplified procedure for up to five devices and a standard procedure for larger numbers. For businesses with a particularly large number of devices, bulk management is also available via the upload of predefined files, already pre-filled with the data communicated by financial operators.
Sustainability reporting: more scope for voluntary standards
Recent amendments to the CSRD, approved by the European Parliament at the end of 2025, restrict reporting requirements to larger companies, while at the same time increasing the focus on voluntary instruments designed for SMEs and micro-enterprises. The new mandatory requirements, applicable to groups with more than 1,000 employees and €450 million in turnover, will be based on simplified ESRS. For those already required to report, the transitional regime (“Quick Fix”) allows the simplifications introduced in the first year to be maintained for 2025 and 2026, with the possibility of suspending the obligation if the new thresholds are no longer exceeded. Other companies will only fall within the scope of the CSRD from 2027, with the first publication in 2028 following the postponement provided for in EU Directive 2025/794. At the same time, the EU Commission has encouraged the adoption of the VSME as a voluntary reference standard for companies with fewer than 250 employees and as a basis for the future voluntary standard for mid-caps with between 250 and 1,000 employees.
Intra-EU transfers: the 90 days start from the date of delivery for transport
The Italian Italian Tax Office has clarified that, in intra-EU transfers involving goods that have undergone processing and are invoiced on a progress basis, the 90-day period for proving that the transfer to the country of destination has taken place starts from the moment the goods are delivered for final shipment abroad. Proof of shipment is essential for the transaction to be classified as non-taxable: without the actual transfer of the goods, it is not legitimate to issue an invoice without VAT. If the goods are not shipped within 90 days of delivery, a penalty equal to 50% of the uncharged tax is applied, unless the situation is regularized within the following 30 days. In the case examined, the goods are progressively produced and invoiced by milestone, but remain physically in Italy until completion. According to the Agency, the actual transfer is considered to have taken place only when the goods are ready for shipment and are entrusted to the carrier. From that date – documented by DDT, CMR, or other suitable means – the 90 days to acquire proof of arrival in the Member State of destination begin.
Tax inspections in mixed-use premises: the ECHR requires justification and recognizes moral damage
In a judgment handed down on March 5, 2026, the European Court of Human Rights once again censured Italian regulations on tax inspections in mixed-use premises, confirming that authorization from the Public Prosecutor’s Office without justification does not guarantee adequate protection for taxpayers. The case concerned an audit carried out at the headquarters of a company located in the home of its legal representative. Although they had the required authorizations, the auditors did not find any significant evidence, while the authorization from the Public Prosecutor’s Office was limited to an unmotivated clearance, as the premises were mixed-use. The ECHR reiterated that the current legislation allows for excessive interference, without sufficient safeguards against abuse, referring to the critical issues already highlighted in the previous Italgomme decisions of February 6, 2025, and in the ruling on bank audits of January 8, 2026. The recent amendment to Article 12 of the Taxpayers’ Charter, which requires the circumstances justifying access to be indicated, is considered insufficient to overcome the critical issues highlighted at European level.
Subjectively non-existent VAT transactions: costs deductible if the service is real
The Turin Court of First Instance for Tax Matters reiterated, in judgment no. 1446 of November 24, 2025, that costs relating to subjectively non-existent transactions remain deductible when the underlying economic activity is actually carried out and inherent to the business activity. This position is in line with the case law of the Court of Cassation, which makes a clear distinction between objectively non-existent transactions—where the service was never provided and the costs are not deductible—and subjectively non-existent transactions, where the service is real but provided by a fictitious entity. According to the judges, the presence of a supplier without a structure is not sufficient to deny the deduction: what matters is the
taxpayer’s ability to demonstrate with documents and concrete evidence that the goods or services exist, have been acquired, and have been used in the business. Once such proof has been provided, the Administration must demonstrate the non-existence of the service and cannot rely on automatic presumptions. The ruling thus emphasizes a substantive approach, aimed at preventing the irregularities of one entity in the supply chain from resulting in a penalizing denial of the deduction for those who have carried out a real activity.
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