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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.

A lack of awareness is fuelling the surge in cyber crime but there are pragmatic steps that organisations can take. Tucked away in an office block in central London is a room dedicated to finding flaws in organisations’ cyber defences. Many such rooms exist. It’s just that few are operated by the good guys.

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.

On 30 November 2016 Gianni Bitetti participates in the conference organizes by the Roll of Chartered Accountants in Milan and held at Fondazione Ambrosianeum in Milan, on advance pricing agreements (APAs) with the Tax Authorities.

Foundations for the Future: The 2016 Grant Thornton Global Conference took place from 26th to 28th October 2016 in Singapore. Gabriele Labombarda tells about his experience and the main topics analysed durign the event.

November 23 was the launch date of a new TV and web programme dedicated to the future of entrepreneurial leadership: “The House of Leaders”. Bernoni Grant Thornton is a partner in this initiative. As such, Stefano Salvadeo, partner and Head of Advisory at Bernoni Grant Thornton and CEO of Grant Thornton Financial Advisory Services hosts a sub-section “Board of Leaders” where he interviews entrepreneurs and managers to grasp their views about innovation, technology research, digital challenges and change management. The programme is on the air each Wednesday at 10.30 PM.

Enrico Cimpanelli, Principal at Grant Thornton Financial Advisory Services, participates as speaker in a conference on corporate frauds and crimes, on 23 November 2016, organised by Optime.

On 11 November 2016, the European Commission published a study on taxation trends in the European Union, Iceland and Norway for the years 2002-2014.

According to the latest data by the Bank of Italy SMEs still experience difficulties to access finance. “Tax incentives are one of the most effective tools to boost investments” declared Giuseppe Bernoni, “from benefits for companies investing in R&D and new technology, to measures for innovative start-ups, to the extension of terms for the application of exceptional depreciation rates.” And as an alternative to bank financing: “Incentives to companies reinvesting financial proceeds or to shareholders subscribing capital increases to fuel growth.”

The award ceremony of the project “I Fuoriclasse della scuola” - an initiative promoted by the Italian Ministry of education and the Italian foundation for financial education (Fondazione per l’educazione finanziaria e al risparmio), aimed at supporting young talents through philanthropic donations - was held in Turin on 18 November 2016. Bernoni Grant Thornton sponsored a scholarship for the “Economics” sector, which was awarded by Alessandro Dragonetti (Managing Partner and Head of Tax) to Marco Nicolini, a student of the Lunardi Institute in Brescia.

Law Decree no. 193 dated 22 October 2016 introduced new measures, such as the abolition of Equitalia (Italian tax collection office) starting from 1 July 2017, regulations on local tax collection and strengthening the collection terms in general, the reopening of the terms for the participation in the voluntary disclosure programme, as well as of provisions concerning VAT more strictly, aimed at preventing tax avoidance.

The Council of the European Union accorded Italy an extension to continue applying – up to 31 December 2019 – a special derogation from the provision of Directive 2006/112/CE, concerning the limitations to deduction of VAT borne on the purchase of some kinds of means of transport and on the related expenses. The extension of such limits is aimed at significantly reducing the administrative burden and to prevent tax evasion.

New research from Grant Thornton’s International Business Report – a quarterly global survey of 2,600 business executives in 37 economies – reveals a decrease in the optimism of Italian companies for the next 12 months. Italian businesses expect a decrease in export and employment and an upturn of the domestic demand. Optimism in Italy fell 6 percentage points with respect to the previous quarter, but less than in UK, Spain (both down 19pp) and France (-18pp).

The interest in Italian medium enterprises is increasing, thanks to a renewed appeal of Italy for international investors and to the positive drive of EU regulations

Gabriele Felici intervenes on 18 November 2016 in Rome in the 4th national conference on "Arbitration and mediation: effective dispute resolutions and a professional opportunity"

30.000 Euro is the new extended limit up to which the application for refund is allowed without the need of the stamp of approval by an accountant or signature by the statutory auditors as regards those subjects indicated in art. 03-bis, para. 3 of Presidential Decree 633/72, nor of the granting of a financial guarantee by those subjects indicated in art. 38-bis, para. 4 of Presidential Decree 633/72.