CLASSIFICATION OF BALANCE SHEET ITEMS
Despite its public importance due to disclosure in the companies register, the annual accounts form the main document for the company to be used in order to identify the nature of incoming equity. As a consequence, if according to the balance sheet incoming equity qualifies as a loan, the fact that such financing is not supported by shareholder meeting minutes is irrelevant (Italian Supreme Court no. 6104 as of 1 March 2019).
TRANSFER CLAUSE ON TAX CHARGES
A clause under which the tenant provides for the settlement of the duties and/or taxes owed by the owner (such as municipal property taxes) is lawful. The tax charges are deemed paid by the owner anyway and such clause is set forth only that the relevant amount is provided by the tenant to the owner and, hence, is included in the rent owed (Italian Supreme Court, Joint Senate, judgement no. 6882 as of 8 March 2019).
The provision of a service against the commitment to provide for a transfer of a good or a provision of a service may form an exchange (Italian Supreme Court, judgement no. 7947 as of 21 March 2019).
For goodwill adjustment it is enough that the grounds stated in the notice contain abstract criteria according to which a higher value is identified. There is no need to illustrate the factual elements used for their application, since the valuation criteria ar e known to the taxpayer and, therefore, the taxpayer is able to object to them and to document that the taxes claimed are unfounded (Italian Supreme Court, judgement no. 7941 as of 21 March 2019).
VAT CREDIT REFUNDEND NOT SHOWN IN FINAL LIQUIDATION BALANCE SHEET
The Italian Supreme Court confirms the principle establishing that the VAT credit of a company under liquidation must not necessarily be recorded in the company's final balance sheet to be refunded (Italian Supreme Court, judgement 8167 as of 22 March 2019).
HAGER & PARTNERS