The Italian Finance Administration’s powers of investigation have been expanded.

Legislative Decree No. 223 of July 4, 2006 has reintroduced the obligation for all VAT-registered taxpayers to submit a list of clients and suppliers to the Financial Administration, restoring a requirement that has created no small number of administrative issues.

The tax treatment of costs incurred for telephone services in the light of recent legislative changes.

Recent legislative changes do not seem to have provided an unequivocal solution to the issue of whether participations that qualify for exemption are to be included among those that form a company’s operating and net income.

In its ruling in case C-228/05, filed on 14/9/2006, the European Union’s Court of Justice found that Italy’s exceptions to the limitations on VAT deductions related to the share of purchases of motor vehicles and maintenance and refurbishment expenses related to business or professional activity to be illegitimate.

In filling in section RF, joint-stock companies and commercial organizations make the additions and decreases specified in articles 56 et seq. of the TUIR (Consolidated Income Tax Act), resulting in the calculation of tax profits or losses.

This Memorandum addresses the following issues:
A) the principal changes introduced to anti-money laundering legislation and related obligations for professionals;
B) deductions from IRAP (regional income) taxes for companies that increased the arithmetic average number of their employees with permanent contracts in each of the three tax years following 2004 (i.e. 2005, 2006 and 2007);
C) considerations regarding entities that adopt IAS/IFRS requiring changes in the calculation of taxable income;
D) the “five one-thousandths” program: the taxpayer's choice.

Read the memorandum

Gaetano De Vito and Roberto Moro Visconti, a lecturer in business finance at the economics department of Milan’s Catholic University, present their latest publication:
The leasing of securities, companies, and trademarks: innovative methods of financing Italian enterprise
Friday April 7, 2006 7pm
Alice Libri - Piazza della Chiesa Nuova, 21a/22 - Rome

Convention organized by the Rome Board of Accountants
Rome April 11, 2006 - Teatro Manzoni
Some of the speakers: Gaetano De Vito (chairman of Assoholding), Paolo Livi (chairman of AFin), Gerardo Longobardi (deputy chairman of Odc), Bartolo Mangogna (head of anti-money laundering operations for the UIC), Vincenzo Errico (revenue agency - auditing).