Government measures in key jurisdictions 5th edition - Flipbook - Page 80
Italy
A recapture mechanism will apply if, before January 2024 (or January 2025 for capital
increases occurred in 2021), one of the following cases occurs: (i) transfer of the shares
or quotas received upon the capital increase, (ii) distribution of reserves. The
implementation of this provision is subject to the authorization of the European
Commission.
Company
law matters
Have any measures
been put in place
to accommodate
social distancing
(such as remote
general meetings)?
80
•
Tax allowance for investment in innovative start-ups: Individuals investing in one
or more innovative start-ups or in innovative small-medium enterprises starting from
19 May 2020 can benefit from an allowance for personal income tax (so-called
“IRPEF”) purposes equal to 50% of the investment made. This benefit is capped at
Ä300,000 for each tax year. The investment is subject to a lock-up period of 3 years
(otherwise a recapture mechanism will apply).
•
Tax allowance for qualified renovation works: Individuals can set off in 5 yearly
instalments an amount equal to 110% of certain qualified renovation expenses
(aimed at either increasing the energy efficiency, reducing the seismic risk,
installing photovoltaic systems or devices for charging electric vehicles) incurred
between 1 July 2020 and 30 June 2022. The tax benefit can be used for either: (i) a
discount by the service provider on the agreed fee for the relevant work, since the
service provider will be entitled to enjoy a tax credit corresponding to the discount
made or to assign for consideration such credit to third parties, or (ii) the conversion
of the tax allowance into a tax credit, which could be either enjoyed or assigned for
consideration to third parties, including banks and financial intermediaries. The
assignees of the tax credit can use the relevant tax benefit to set it off against their
own tax liabilities (in the same residual yearly instalments available to the taxpayer
prior to the transfer or assignment). Any yearly deductible instalment not used to set
off tax liabilities cannot be carried forward or claimed for refund. The benefit is
capped to Ä50,000, Ä40,000 or to Ä30,000 per residential unit, depending on the
type of buildings.
•
Non-refundable grants: Lastly, non-refundable cash grants will be paid by the
Italian Tax Agency to certain qualified business entities, especial in the retail
business.
All companies are allowed to hold shareholders’ meetings (which are convened within the
end of the state of emergency and, in any case, no later than 31 March 2021) by means of
telecommunication – even in case their by-laws do not set forth specific provisions for such
purpose – provided that identification of participants, their attendance and voting rights are
guaranteed.
The requirement under which the chairman and the secretary of the meeting shall be in
the same location – even when expressly provided for in the company by-laws – is also
derogated.
Government measures in key jurisdictions
