Valente Associati GEB Partners / Crowe Valente shortlisted for European Tax Awards 2018

We are pleased to inform you that Valente Associati GEB Partners / Crowe Valente has been shortlisted in three award categories for European Tax Awards 2018

Italy Tax Firm of the Year

Italy Transfer Pricing Firm of the Year

European Tax Policy Firm of the Year

This is the seventh time in a row for our Firm to be honored by prestigious International Tax Review in recognition of the high quality and value adding impact of our services. 

The Award ceremony will take place in London on May 17, 2018. 

For the full list of the shortlisted candidates, please refer to the website (link).

Italy Holds Public Consultation on New Transfer Pricing Rules

Published in: TP Week

On April 24 2017, the Italian provision on transfer pricing, article 110 paragraph 7 of the Italian Income Tax Code, was amended to clearly and definitively define and establish the principle of open-market conditions.
According to the amended provision, profit from transactions between Italian enterprises and related foreign enterprises shall be estimated “by reference to the conditions and prices that would have been agreed between subjects operating in open market conditions under comparable circumstances”.

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EU Black List, a New Perspective on Tax Havens

Published in: IAFEI Quarterly 39th Issue, January 2018

The European Union recently took one more step in the worldwide fight against tax avoidance and evasion with the release of the common EU list of non-cooperative tax jurisdictions.
The EU black list – the first such list at EU level - includes seventeen off shore countries: American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macao SAR, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and United Arab Emirates.

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Spirit of Tax Law and Tax (Non-)Compliance: Reflections on Form and Substance

Published in: IBFD European Taxation January 2018

In complying with their tax duties, multinationals need to align their conduct with both the letter and spirit of the law. The latter requires identifying legislative intent, which is challenging in a rapidly evolving business and tax environment that is increasingly globalized and digitalized. In addition, tax avoidance legislation is increasingly being employed against aspects of non-compliance with the spirit of the law. The need for clear legislative drafting arises, therefore, as a necessary guarantee to prevent abusive interpretations.

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Italy’s Tax Police Publishes Manual against Tax Evasion and Fraud

Published in: TP Week

On December 4 2017, the Italian Financial Guard (Tax Police), updated its practical guidelines regarding performance of tax audits with the release of the Operational Manual against evasion and tax fraud – Circular n. 1/2018 (circular).
The circular was updated on December 1 2017 and entered into effect on 1 January 1 2018.
Transfer pricing is one of the subjects detailed in the circular. Following specification of the applicable rules and recent OECD developments, the circular illustrates the practical procedures for transfer pricing audits.

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A European Taxpayers’ Code

Published in: Journal - Intertax 45-12

The European Commission published ‘Guidelines for a Model for A European Taxpayer’s Code’. The Guidelines seek to clarify taxpayers’ fundamental rights and obligations in the EU while proposing best practices for their enhancement. The European initiative follows several international ones to the same end. Their comparison reveals the Guidelines’ rather restricted scope. Although they constitute a step forward, they fall short of their potential, demanding further steps to ensure due protection of taxpayers’ rights.

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Italy Turns Up the Heat on EU with Digital Sales Tax

Published in: TP Week

Italy is hoping its proposed digital sales tax will send a message to the EU and accelerate the process of finding consensus on digital economy taxation. However, the proposal interferes with the EU’s plans and could create double taxation scenarios.

Italy hopes to curb tax avoidance by digital companies with a proposal for a new digital sales tax that, if approved, would apply from January 1 2019. The proposal would impose a 6% tax on digital transactions made through electronic means to Italian tax residents with business income, and to Italian permanent establishments (PE) of non-tax residents. This will work out as the buyer paying the service provider 94% of the amount, while withholding 6% for the Italian Treasury.

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Valente Associati GEB Partners "Best Criminal Tax Team in Italy"

Valente Associati GEB Partners is pleased to inform you that the Firm’s Criminal Tax Team, headed by partner Ivo Caraccioli, was distinguished as

Best Criminal Tax Team in Italy

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at the Le Fonti Awards & CEO Summit which was held in Milan on November 13.

“For the proven experience and solid reputation in the tax consultancy area as well as for the support to Corporate Boards and multinational groups.

Especially noteworthy are Prof. Ivo Caraccioli’s technical competencies and personal expertise, also provided throughout the entire litigation procedure, including the pre- and post- litigation phases, during which he continues leading our Firm’s Criminal Tax Team. His commendable devotion, commitment and involvement at policy level in his role as President of the Centro di Diritto Penale Tributario is also duly and fully acknowledged by peers, institutions and other relevant Parties within his specialization area.”

This acknowledgement is an incentive to continue excelling on our work, to our clients’ best interests, with dedication and passion.

CbCR Obligations for Italian Entity Members of US Groups

Published in: TPWeek

An agreement for the automatic exchange of country-by-country reports (CbCR) between Italy and the US (Agreement) came into effect on September 27 2017, as announced by the Italian minister for economy and finance.
The above agreement derives its legal basis from Art. 26 of the Convention for the Avoidance of Double Taxation in effect between the US and Italy.

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And the Blame Goes to... EU Tax Intermediaries

Published in: IAFEI 37th issue

In June 2017, the European Commission released the fiercely debated proposal for a directive to introduce mandatory disclosure rules in the area of taxation (Proposal) in the European Union (EU).
The proposed legislation is highly relevant to EU tax professionals but also to enterprises with activities in the EU, implementing tax planning structures that could potentially be regarded aggressive. Specifically, such enterprises may under certain circumstances have own obligation to report information to national tax authorities. In any case, they must be aware that potential tax planning structures they might use shall become reportable and subject to automatic exchange of information among Member States, once the Directive is implemented.

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Taxless Corporate Income: Balance against White Income, Grey Rules and Black Holes

Published in: European Taxation - IBFD

The potential of globalization and digitization is clearly manifested in international taxation, currently undergoing a complete overhaul. A key factor driving the transformation is “stateless income”. Although this term is extensively used, its meaning is ambiguous.
It might be said to comprise flexible income earned by multinationals or simple taxpayers through virtual or cyber transactions. Primary liability for its creation seems to lie with state legislators, who should hence act to remedy the situation.

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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.

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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.

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