News for 2017

2017 will be full of challenges and opportunities

Giulio Tedeschi Giulio Tedeschi

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.

The well-known recent Italian political events led to the approval of laws drafted in haste, without the usual in-depth analysis, which should be necessary during Parliamentary work.

In particular, the main news introduced concern the revaluation of assets posted in the Financial Statements, the further possibility to revaluate interest for capital gain purposes at 30 June 2017 and new norms on the VAT Group.

The Budget Law has been approved, though many implementing measures are still missing.

The relevant tax decree boosted companies to adopt electronic invoicing in order to benefit from the simplification of some tax fulfilments. The Ministry of Economy and Finance also published some “Guidelines for the attainment of tax objectives 2017-2019”. Among others, one of the main objectives of the document is to implement a strategy for managing tax compliance by encouraging taxpayers’ voluntary compliance and reducing the intrusiveness of assessments against compliant, low-risk taxpayers.

Hence the need to strengthen the relationship with taxpayers by facilitating tax compliance fulfilments.

2017 should see the beginning of cooperative compliance and the intensification of the analysis of ruling applications. Moreover, measures to foster the growth of the domestic economy should also be implemented, such as “Industry 4.0” measures and tax advantages provided for investment by the “Nuova Sabatini” law.

There are the premises to deal with the novelties and take the opportunities of 2017.

Our professionals wish you all a Merry Christmas and a Happy 2017.