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THE EU COMMISSION TAKES FURTHER STEPS TO END ILLEGAL TAX BREAKS IN THE ITALIAN AND CYPRIOT YACHT INDUSTRIES

Posted by  | July 31, 2019 | comments
THE EU COMMISSION TAKES FURTHER STEPS TO END ILLEGAL TAX BREAKS IN THE ITALIAN AND CYPRIOT YACHT INDUSTRIES

The Commission is taking further steps to end illegal tax breaks in the yacht industries of Italy and Cyprus, first brought to light in the Paradise Papers leaks.

Today's legal proceedings also form part of the Commission's ongoing efforts to stamp out unfair tax avoidance practices in the EU. As part of today's infringement package, the Commission has decided to refer Italy to the Court of Justice for the EU for its failure to address an illegal system of exemptions for fuel used to power chartered yachts in EU waters. At the same time, the Commission has decided to send reasoned opinions to Italy and Cyprus for not levying the correct amount of Value Ad ... Read More

YET: UCINA HAS JUST STARTED DISCUSSIONS WITH THE CUSTOMS AGENCY

Posted by  | July 03, 2019 | comments
YET: UCINA HAS JUST STARTED DISCUSSIONS WITH THE CUSTOMS AGENCY

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In May 2019, the Italian National Union of Shipyards and Nautical Industries ("UCINA"), in the light of a new interpretation of the EU customs legislation, started discussions with the Italian Customs Agency regarding Commercial Yachts and YETs (Yachts Engaged in Trade) registered in a non-EU member state. UCINA requested the Italian tax authorities to clarify if a commercial vessel and YETs may enjoy a temporary importation regime, arguing that, today, also the French and Spanish customs autho ... Read More

THE APPOINTMENT OF A CONTROL BODY OR EXTERNAL AUDITOR OF ITALIAN SRLs: NEW PARAMETERS

Posted by  | July 02, 2019 | comments
THE APPOINTMENT OF A CONTROL BODY OR EXTERNAL AUDITOR OF ITALIAN SRLs: NEW PARAMETERS

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I. IntroductionThe obligation to appoint the control body in Limited Liability Companies ("S.r.l.") has been the subject of important changes in recent months. In fact, the Legislative Decree no. 14/2019 which introduced the new Corporate Crisis and Insolvency Code in Italy had lowered the thresholds for the mandatory appointment of the control body or the auditor of the Srl, and as a result had expanded the persons who could hold this position. The extension of this obligation, with lim ... Read More

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