The Italian Revenue Agency (Agenzia delle Entrate), in its reply no. 175 of January 31, 2023 has confirmed that in order to benefit of the non-taxable VAT status provided for by Article 8-bis, (1) (a) of the VAT decree (Presidential Decree No. 633/72), it is not sufficient that the vessel is used for navigation on […]
The Circular of the Customs and Monopolies Agency, No. 9/2023 of 14 March 2023 clarified that Article 1, paragraphs 186 to 202, Law No. 197/2022, which allows a simplified settlement of tax disputes pending before the Italian tax courts, may be applied also to customs duties and related penalties. This provision allows for sanctions to […]
The Italian Revenue Agency (Agenzia delle Entrate), in its reply no. 254 of 17/03/2023, clarified that the fees for works of ordinary maintenance carried out by Italian suppliers on yachts under temporary importation regime are not subject to VAT pursuant to Article 9, paragraph 1, no. 9 of the VAT decree (DPR n. 633/72). The […]
Italy is fighting a legal battle over the assets of Russian oligarchs, and some of them are responding by appealing to the Lazio Regional Administrative Court. Indeed, behind the war in Ukraine there are legal disputes related to sanctions decided by the European Union against Russia and its oligarchs. In Italy, 28 of them are […]
CONTENTS INTRODUCTION PRELIMINARY STEPS STAGE 1: IRREVOCABLE PURCHASE OFFER STAGE 2: PRELIMINARY CONTRACT STAGE 3: DEED OF SALE AND PURCHASE TAXATION CONCLUSIONS 1. INTRODUCTION Italy is widely recognised for its abundance of cultural beauty and its remarkable geographical diversity, with which comes a rich and dynamic property market. The Italy Luxury Real Estate Market […]
With letter to the market of 1 March 2023 (“Letter”), IVASS indicated the timing and operational modalities for the communication of supervisory reporting information through Infostat. The Natural Disaster Risk and Sustainability Survey, launched with a letter to the market on 27 July 2022, has to be carried out also for the year 2023 and […]
On 16 March 2023, IVASS has published a further letter to the market regarding dormient policies. The letter is addressed to the following insurance companies: companies conducting life and/or accident insurance business, with registered office in Italy; Italian branches of companies with registered offices in a non-EEA country; companies, having their registered office in another […]
EIOPA has published its “Costs and Past Performance Report” that aims at improving transparency in the industry, facilitating comparisons between the different solutions available and strengthening the union of EU capital markets. The report provides an overview of the performance and costs of retail investment products in the EU. The report covers the period from […]
In February, the three European Supervisory Authorities – ESA (EBA, EIOPA and ESMA) held a joint event on the Digital Operational Resilience Act (DORA) that was open to the public. The event brought together more than 2,000 representatives from credit and payment institutions, investment firms, (re)insurance companies, third-party ICT service providers and other financial players. […]
With sentence no. 5632 of 23 February 2023, the Italian Court of Cassation has ruled again on medical professional liability. The Court has ruled that, when an operation fails, the responsibility has to be attributed to the medical doctor if the extent of the causal contribution of the patient’s previous health condition cannot be established. […]
