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.

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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.

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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.

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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

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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.

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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.

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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

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Tax Intermediaries Disincentives: Discrimination on the Basis of Profession?

On 16 February 2017 the Public Consultation on the proposed introduction of rules at EU level to disincentivize promotion of aggressive tax planning schemes was closed.
The rules under consideration focus on a Mandatory Disclosure Regime (MDR) – referred to also as a Disclosure of Tax Avoidance Schemes (DOTAS) regime. Under such rules, tax advisers and tax intermediaries would be required to notify tax authorities on tax structures which could be considered aggressive or abusive, howsoever such terms may be defined.

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Automatic Information Exchange Comes to Italy

Published in: TP Week

In December 2016, the Italian Council of Ministers presented to Parliament the Draft Legislative Decree for the implementation of Directive 2015/2376/EU.
The decree sets out automatic exchange of information in the field of taxation, in particular with respect to advance cross-border rulings and advance pricing agreements (APAs).

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BEPS and Emerging Economies. How Global Is the BEPS Project?

Published in: IAFEI Quarterly 35th Issue

The international tax system is undergoing complete renovation. Base erosion and profit shifting (BEPS) is the evil that must be curbed, reduced, most desirably totally eradicated on a worldwide scale.
To this end, the OECD and the G20 crafted the BEPS Project, launched in 2013 with the OECD’s report “Addressing Base Erosion and Profit Shifting”. It targets identified deficiencies in national and international tax rules leaving room for loopholes and mismatches.
These are exploited through aggressive tax planning by taxpayers wishing to minimize their tax burden with the (obvious) consequence that countries’ taxable bases are minimized as well.

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Tax Rulings and Advance Pricing Agreements in Italy

Published in: Tax Notes Int'l, Jan 30 2017

Tax rulings and advance pricing agreements are making headlines. The European Commission is undertaking unprecedented investigations into member states’ APAs with multinationals and has recently invalidated several of them based on fiscal state aid law. The directive on mandatory automatic exchange of information (AEOI) in the field of taxation has recently been extended to advance cross-border rulings and APAs.

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Changing the Italian Tax System

Italy has embarked upon the challenging task of redesigning its tax system. The Act of late November 2016 (hereinafter, “Act”) constitutes a best-practices example, or at least for our Country.
The above Act illustrates the national fiscal policy for the coming 3-year period, i.e., for 2017 – 2019, specifying the primary objectives and the guidelines for their pursuit. 

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Suitable TP Documents Could Prevent Penalties in Italy: But What Is “Suitable”?

Published in: TP Week

Multinationals with activities in Italy can get rid of penalties for tax avoidance if they opt to supply the Italian revenue authorities with comprehensive transfer pricing TP documents supporting their group’s TP policies.
Antonella Della Rovere and Federico Vincenti of Valente Associati GEB Partners explain how this works in practice.

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