Capturing Dematerialized Money through Anti-Money Laundering Provisions

Published in: Kluwer International Tax Blog

The Committee on Economic and Monetary Affairs and the Committee on Civil Liberties, Justice and Home Affairs of the European Parliament recently finalized the amendments to the existing Anti-Money Laundering Directive (AMLD). This decision was based on the related proposal of the European Commission, submitted in July 2016.EU initiatives in this direction – including adoption of AMLD in 2015 and two Regulations in 2015 and 2016 to enhance transparency of fund transfers and identify third countries with significant deficiencies in anti-money-laundering legislation – are surely not a novelty.  Most importantly, the EU is not alone in this struggle; its actions are in line with corresponding activities of the Financial Action Task Force and the OECD.

Download

Lawyer Monthly - Women In Law Awards Edition 2017

The Lawyer Monthly Women in Law Awards celebrate and highlight the achievements of women in the legal profession across the globe.

As a result of several months of research and preparation, the Lawyer Monthly Women in Law Awards reward female legal experts that have overcome challenges and influenced the wider legal profession in their jurisdiction. The winners include all areas of the legal profession, from high achieving junior associates, to long serving barristers.

Download

Transfer Pricing Audits: Suitability of Transfer Pricing Documentation

Published in: Intertax- Issue 45.6&7

Article 26 of Legislative Decree No. 78/2010 introduced in Italy a rewarding regime related to the non-application of penalties involving intercompany transfer pricing adjustments in connection with taxpayer’s submission to the Tax Authorities of ‘suitable’ documentation to support taxpayer’s transfer pricing policies. Assessment on the ‘suitability’ of such documentation by Tax Inspectors has given rise to a variety of critical issues in the last few years.

Download

Cooperative Compliance: The Italian Framework

Published in: TPWeek

On May 26 2017 the Italian regime on cooperative compliance was further clarified by the Italian Revenue Agency (IRA or tax administration) by virtue of a new regulation (provvedimento). Antonella Della Rovere and Federico Vincenti of Valente Associati GEB Partners explain.

The Italian framework of cooperative compliance has been built since 2014, when it was envisaged by law as part of a set of measures to establish a fairer, more transparent and growth-oriented national tax system.

Download

Valente Associati GEB Partners – Studio Legale dell’Anno Fiscalità Internazionale (Law Firm of the Year: International Tax)

For the constant and considerable increase of our international client base, significant R&D investments and high-level academic involvement and contributions.
An innovative spirit and capacity to introduce ground-breaking concepts and approaches complement the range of already integrated services to ensure all-round excellence.

Download

Fiscal State Aid: What Conclusions May Be Drawn From The EU’s Reservations

Tax evasion has remained in the top of the “heatedly-debated-issues” charts for several years and is not expected to “drop down” soon. Instead, the intensity in the fight against it seems to be increasing on every occasion (Lux Leaks, Panama Papers etc.). In this “war”, European Commission’s (EU) decisions on fiscal state aid are beyond doubt the most controversial “weapon”.

In essence, such decisions invalidate tax rulings issued by Member States since they allow multinationals (MNEs) to pay less tax than standalone companies in comparable situations under Member States’ tax laws in violation of state aid rules.

Download

Valente Associati GEB Partners "Italy Transfer Pricing Firm of the Year" by International Tax Review

Dear All,

We are pleased to inform you that Valente Associati GEB Partners has been awarded

Italy Transfer Pricing Firm of the Year

by International Tax Review in ITR European Tax Awards 2017 held in London on May 18th.

This award recognizes our unique and innovative performances in one of the most challenging areas today - Transfer Pricing.

We commit to continue devoting all our passion and efforts to our Clients, delivering the most extraordinary and efficient solutions and proactively tailoring our performance to their needs.

For the full list of winners, cf. (link)

Italy: Changes to the TP Framework

On April 24 2017, a new law decree (N. 50/2017) introduced changes to the Italian transfer pricing framework. Antonella Della Rovere and Federico Vincenti from Valente Associati GEB Partners look at the changes.

In a nutshell, the Italian provision on transfer pricing (art. 110 para. 7 of the Italian Income Tax Code) was amended to clearly and definitively encompass the principle of open market conditions.

Download

Latest Developments on Country-by-Country Reporting

Published in: IAFEI Quarterly 36th Issue, April 2017

The Decree of the Italian Ministry of Economy and Finance for the implementation of Country-by-Country reporting (hereinafter, “CbCR”) in Italy was issued on 23 February 2017.
The latter provided for reporting obligations involving enterprises that meet certain criteria, defining the deadline and the related model to be complied with.

The definition of CbCR terms and standards was expected after the issuance of Law No.208 issued on December 30, 2015 set forth that operational details of the mentioned reporting mechanism had to be determined by the Ministry of Economy and Finance.

Download

Italian Tax Authorities Action Against Fictitious Corporate Tax Residence

Published in: Intertax 45.4

Fictitious corporate tax residence is a primary concern for States, in view of the fact that it impacts – directly and incisively – on States’ taxing rights, and also since it is known to trigger double taxation as well as double non-taxation phenomena.

Based on the above, it is quite evident that to counter such phenomena, a coordinated approach at international level is altogether imperative, especially since regulation of tax aspects has been playing an increasingly central role in debates and discussions between and among Tax Authorities, and international institutions.

Download

Valente Associati GEB Partners named Firm of the Year Tax Litigation by Legalcommunity Tax Awards 2017

Legalcommunity recognizes the outstanding achievements of top professionals as well as Law Firms within the Italian Tax market.

The award was granted on March 20, 2017 during the gala ceremony that took place in Milan at the prestigious venue of the Museo Nazionale della Scienza e della Tecnologia Leonardo da Vinci.

We are pleased to share with you that this year we have been honored with an award for:

Firm of the Year: Tax Litigation

Legalcommunity distinguished and recognized the outstanding achievements and results reached by the Firm in the past year (in view of the landmark cases won, the novelty and complexity of the issues and the figures at stake, as well as the prompt and successful results achieved).

For the full award list and more details on the event, cf.
http://www.legalcommunity.it/lc-awards/tax-awards-2017

Download

Country-by-Country Reporting Finally Arrives in Italy

Published in: TPWeek

In February 2017, the Italian Ministry for Finance issued the long-awaited ministerial decree for the implementation of country-by-country reporting (CbCR) in Italy – Ministerial Decree No. 23 of February 23 2017. Antonella Della Rovere and Filipa Correia of Valente Associati GEB Partners discuss the implications.

Download

BEPS Action 15: Release of Multilateral Instrument

Published in: Journal - Intertax (Issue 45.3)

The release of the Multilateral Instrument constitutes an important step towards the most significant re-write of international tax rules in a century. It is the multilateral convention enabling the simultaneous amendment of more than 3,000 existing bilateral conventions for the avoidance of double taxation. It aims at eliminating loopholes and mismatches among them, which are susceptible to allow aggressive tax planning.
In thirty-nine articles, it implements measures indicated in Actions 2, 6, 7 and 14 of the Base Erosion and Profit Shifting (BEPS) Project, regarding hybrid mismatches, treaty abuse, artificial avoidance of permanent establishment status and dispute resolution of international tax disputes.

Download

Valente Associati GEB Partners is once again shortlisted for Legalcommunity Tax Awards 2017

Legalcommunity prominent publisher recognizes the outstanding achievements of top professionals as well as Law Firms in the tax field within the Italian market. The award ceremony will take place next March 20, in Milan.

We are pleased to announce that this year we have been shortlisted within the following categories:

  • Law Firm of the Year Transfer Pricing 
  • Law Firm of the Year Voluntary Disclosure
  • Law Firm of the Year Wealth Management
  • Law Firm of the Year Patent Box 
  • Law Firm of the Year Criminal Tax 
  • Professional of the Year Tax Litigation (Piergiorgio Valente) 
  • Professional of the Year Transfer Pricing (Piergiorgio Valente) 
  • Professional of the Year Criminal Tax (Ivo Caraccioli)

The acknowledgment received from Legalcommunity for our accomplishments and for the work carried out during 2016 is an incentive for us to continue to improve. 

For the full shortlist and more details on the event, please visit: http://www.legalcommunity.it/lc-awards/tax-awards-2017

Download