Tax Digest | Issue 4 December 2023

Newsletter periodica sulle questioni fiscali internazionali, a cura della Commissione Taxation di ICC Italia.

Contributions by Members of the Commission:

Avv. Stefano Carmini (Carmini Avvocati Associati)
Avv. Paolo de’ Capitani di Vimercate (Studio Uckmar Associazione Professionale), Chair of the Commission
Avv. Giuseppe Zorzi (Chiomenti Studio Legale)

In this number:

• Impossibility of applying tax period splitting unless expressly provided for in the Double Taxation Avoidance Convention
• The Participation Exemption also applies to transfer of shares carried out by EU entities
• Two-way/one-way compensation mechanism for producer of energy from renewable sources. Abstract from the ICC Italia Webinar on Windfall Profit Taxation and the Energy Sector (20 July 2023)
• The Italian Council of Ministers outlined the updates in International Taxation contained within the draft of the Tax Reform implementation decree (Italian Council of Ministers press release No. 54/2023)
• VAT refund is not provided for the non-resident entity with a permanent establishment (PE) in Italy, not even for transactions carried out without the involvement of that establishment (Corte di Cassazione, sez. V, sentenza 4 settembre 2023, n. 25685)
• The applicability of the principle of tax neutrality to demergers between non-EU companies (Agenzia delle Entrate, unpublished ruling)
• Recent developments on tax monitoring obligations for non-Italian resident insurance companies