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2017 Budget Law has introduced a new taxation procedure for income deriving from sole proprietorships.

Eugenio De Chiara, Manager at Bernoni Grant Thornton, contributed to a volume on corporate welfare, smart businesses and well-being at work authored by Prof. Luca Pesenti of Università Cattolica del Sacro Cuore. In particular, De Chiara wrote a chapter dedicated to tax aspects of corporate welfare, in the light of the amendments introduced by Law n. 208/2015.

On 6 February 2017, Simonetta La Grutta, partner and Head of VAT at Bernoni Grant Thornton, will participate as speaker in the workshop organized by the Roll of Chartered Accountants of Ivrea, Pinerolo and Turin and its school of further education and will intervene with a speech on new VAT obligations and incentives granted for e-invoicing.

On 6 February 2017 the conference "Voluntary Disclosure 2.0: novità e criticità" will take place in Padua. Alessandro Grassetto, partner at Bernoni Grant Thornton, and Carlo Bertoncello, senior consultant at Bernoni Grant Thornton, will intervene, among others, as speakers.

Art. 4 of Law Decree n. 193/2016, turned into Law n. 225/2016 provides for instructions on tax recovery, which imply new obligations for taxpayers, particularly concerning VAT.

Bernoni Grant Thornton and its subsidiary, Grant Thornton Financial Advisory Services, announce the appointment of six new partners, as of January 1, 2017: Enrico Cimpanelli, Alessandro Leone, Sante Maiolica, Stefano Marchetti, and Renato Sesana for the Advisory services, and Christian Siccardi for the Tax services. In addition to the appointments above, Simonetta La Grutta, head of VAT, was promoted to senior partner, also with effect from January 1, 2017.

The Italian Budget Law for 2017 provides for the introduction, in the national law, of the “VAT Group” scheme as set forth by art. 11 of EU Directive 2006/112. The following VAT taxable persons are entitled to set up a VAT Group: VAT taxable persons established in Italy and VAT taxable persons running a business activity or performing an art or profession provided that they are closely bound to one another by financial, economic and organizational links.

Voluntary disclosure bis: the new procedure for the repatriation of capital held abroad is more complex and the risk that the application will be rejected by the Tax Authorities and that penalties will apply is higher. According to Alessandro Dragonetti, many individuals who did not benefit from the first phase of the voluntary disclosure programme are now “very interested further to the Panama papers scandal”. As to the complexities of the new regulation, “the main issue is the self-assessment procedure to follow in order to obtain the application of the reduced penalty regime”.

The upcoming New Year compels us to look ahead to 2017, with the usual keenness to discover novelties that will impact our profession and plan suitable actions to seize future opportunities. This is therefore the right moment to have a look at the new norms introduced by the Budget Law recently approved by the Italian Parliament.

On 19 December 2016 a conference on VAT aspects of e-commerce, organized by the VAT Commission of the Roll of Chartered Accountants, will be held at the premises of the Roll in Rome. Mario Spera, Principal at Bernoni Grant Thornton will intervene in the conference.

Important innovations concerning VAT warehouses were introduced by Law Decree n. 193/2016, with the aim of preventing possible frauds in this sector. Essentially, the regulation provides distinct rules for the removal of goods from VAT warehouses depending on how they were placed in the warehouses.

On 19 December 2016 an advanced course on Transfer Pricing, organised by the school of professional training (Scuola di Alta Formazione) of the Roll of Chartered Accountants in Milan, will be held at Fondazione Ambrosuaneum in Milan. Paolo Besio and Gianni Bitetti will participate.

This publication is designed to give Chief Financial Officers a high-level awareness of recent changes to IFRS that will affect companies’ future financial reporting. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones. The December 2016 edition of the publication has been updated for changes to International Financial Reporting Standards that have been published between 1 December 2015 and 30 November 2016. In particular, this edition covers the new leasing Standard – IFRS 16, for the first time.

Now available in bookshops and online the VII edition of “Manuale di fiscalità internazionale” (International tax manual - IPSOA Wolters Kluwer, 2016), which sees Alessandro Dragonetti among the editors. It is a comprehensive volume that includes the most recent tax novelties. The tax manual deals indeed with all the basic topics of international taxation but this new edition is enriched with a full chapter dedicated to BEPS, an overview of relevant EU Court of Justice judgements as well as analysis on residence and double taxation.

On 2 December 2016 the Law Decree 22 October 2016 n. 193 (“Tax decree”) completed its legislative iter with the publication in the Official Gazette of the consolidated text, post amendments, occurred at the time of the conversion into Law.

On 2 December 2016, a conference on transfer pricing will be held at Sala Convegni Orto Botanico in Padua. The conference will deal with the matter of transfer pricing by a multidisciplinary and integrated perspective, by analysing the relevant tax regulations and managerial issues and Alessandro Grassetto will intervene.