McDermott Will & Emery (JD Supra Italy)
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Guidelines on Italian Digital Services Tax
The Italian Digital Services Tax (DST) was introduced as part of the 2019 Italian Budget Law and then amended by the 2020 Italian Budget Law. Among other things, the 2020 Budget Law: (i) provided the applicability of the Italian DST as from January 1, 2020, and (ii) introduced a sunset clause, according to which the Italian DST rules are repealed from the date of taking effect of the provisions...
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Bank of Italy Proposes Amendment to Regulation on Collective Asset Management
On Thursday 30th July 2020, the Bank of Italy released a consultation paper containing some proposed amendments to the Regulation on Collective Asset Management. It is worth noting that the Bank of Italy is proposing to eliminate the 10% concentration limit which is currently in place for Alternative Investment Funds (AIFs) reserved to professional investors, which intend to carry out...
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COVID-19 – New Wave of Restrictive Measures to Face Outbreak in Italy – Shutdown of Non-Strategic Production
On 21 March 2020, the Italian government announced the adoption of new restrictive measures aimed at combating the Coronavirus (COVID-19) spread in the Italian territory, which would include the shutdown of all non-strategic production in the whole Italian territory until 3 April 2020. Such measures were adopted by a decree of the President of the Council of Ministers dated 22 March 2020, which...
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COVID-19 – Legal (Current or Future) Implications on Doing Business in Italy
Coronavirus (COVID-19) has been causing serious consequences in several countries. Italy has been one of the most affected countries since February 2020 and the implications of a considerable spread of the contagion over the country has raised enormous issues which, in the first place, involve the health of the individuals concerned but are, and will be, also affecting its economy and several...
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COVID-19 – Recent Legal Developments in Italy and Practical Implications
The Italian government is taking stringent measures to slow the spread of COVID-19. This Update offers up-to-the-minute insights into the current regulations governing individuals’ movement in Italy, work-related exceptions to those restrictions, and an explanation of other measures that could affect business operations...
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Italy Publishes VAT Group Implementing Regulations
The Italian Ministry of Economics and Finance has published implementing regulations for Italy’s new VAT Group regime. The Decree was published in the Official Gazette on April 18, 2018 and is the last piece of regulation necessary to effect the VAT Group legislation introduced by Law no. 232 on December 11, 2016. Eligible VAT taxable entities have until November 15, 2018 to file for treatment as
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Italy Earmarks EUR 4.7bn for Biofuel Incentives in the Transport Sector
The Ministerial Decree governing the new support scheme for use of biomethane and other advanced biofuels in the transport sector (Decree) was published in the Official Gazette on March 19, 2018 and entered into force on March 20, 2018. The Decree provides for EUR 4.7 billion of incentives dedicated to plants starting operations between 2018 and 2022, and it replaces the previous Ministerial...
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Italian Highest Administrative Court Suspends GSE Requests for Feed-In Tariff Reimbursement
The recent amendments to article 42 of Legislative Decree no. 28/2011, which curtailed the sanctioning powers of the Gestore dei Servizi Energetici S.p.A. (GSE), have produced their first positive results.
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Italy Curtails the GSE’s Sanctioning Powers for Renewable Energy Source Plants
On 23 December 2017, the Italian Senate approved the Household Law for 2018. The law, which is still to be published in the Official Gazette, will enter into force on 1 January 2018.
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Draft Italian Budget Law Promotes Sports Arena Refurbishment
The Italian Government confirmed its willingness to promote the renovation of sports-related assets in the draft budget law currently pending parliamentary approval. The final budget law is expected to contain further efforts and specific measures.
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New Guidance Sheds More Light on Italian Carried Interest Tax
Following the approval of the new rules regarding taxation of carried interest proceeds enacted with Law Decree No. 50/2017 (Decree), the Italian Tax Authorities issued specific guidelines with Circular Letter No. 25/E, dated 16 October 2017 (Circular Letter). Our latest On The Subject sets out guidelines which will help the reader to navigate the changes to legislation.
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Recent Amendments to Italian Legislation on Project Financing, Concessions and Public Private Partnerships
A long awaited amendment and restatement of the Italian Code of Public Contracts has passed, with the aim of enhancing the bankability of Italian projects and boosting the infrastructure market.
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Guide from the Italian Data Protection Authority on the Application of the GDPR: Recommendations on How to Get Started!
On April 28, 2017, the Italian Data Privacy Authority published a Guide on the application of the new General Data Protection Regulation (GDPR). The Guide does not set out implementing rules of the GDPR but rather provides a summary of “what will remain the same” and “what will change” in the main six areas covered by the GDPR...
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Bank of Italy Smooths the Path for Direct Debt Investment into Italy via EU Alternative Investment Funds
International investment funds are set to benefit from measures issued by the Bank of Italy, aimed at facilitating direct investment into the country by EU alternative investment funds.
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Higher Mitigation of Fines Due to Prompt Implementation of Measures Addressing Authority’s Concerns in Unfair Commercial Practices Investigations
In a decision published on 10 February 2017, imposing Samsung Electronics Italia S.p.A. (“Samsung”) fines totaling € 3.1 million for alleged aggressive unfair commercial practices, the Italian Competition Authority (the “Authority”) confirmed that the prompt implementation of measures aimed at addressing its concerns regarding alleged unfair commercial practices leads to a higher mitigation of...
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Italian Constitutional Court Backs Feed-in Tariff Cuts – What's Next?
On 24 January 2017, the Italian Constitutional Court published decision no. 16/2017 confirming the constitutional legitimacy of the so-called spalma incentivi law, which reduced the feed-in tariffs for photovoltaic plants with retrospective effect. The decision is disappointing. On the bright side, however, the reasoning behind the decision is so weak that it opens new opportunities for other...
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Compliance Programs – The Italian Competition Authority Highlights the Importance of an Effective Implementation and Update
On 19 January 2017, the Italian Competition Authority (the Authority) issued a decision concerning alleged anticompetitive agreements in the home ventilotherapy and home oxygentherapy supply services sector in Italy. The decision acknowledges the importance of implementing and updating effective compliance programs, in order to be able to benefit from a mitigation of the fine.
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An Increased Cooperation in Enforcement Activity: The Italian Competition Authority and the Italian Medicines Agency Sign a Memorandum of Understanding
On 19 January 2017, the Italian Competition Authority (AGCM) and the Italian Medicines Agency (AIFA) signed a memorandum of understanding in order to increase enforcement in the pharmaceutical sector by strengthening their investigation powers and facilitating the exchange of data. Under the agreement, AGCM and AIFA will inform each other on cases concerning alleged violations of rules enforced...
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Unfair Commercial Practices – The Italian Competition Authority and The Italian Communication Authority Sign a Memorandum of Understanding
On 13 January 2017, the Italian Competition Authority (AGCM) and the Italian Communication Authority (AGCOM) signed a memorandum of understanding concerning several aspects of their cooperation in the application of consumers’ protection rules. Under the memorandum of understanding, in the case of consumers’ protection matters, which potentially involve both authorities, there will be coordinated
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Sale of Serie A Broadcasting Rights, the Regional Administrative Court of Lazio Annuls the Decision of the Italian Competition Authority
On 23 December 2016, the Regional Administrative Court of Lazio (the TAR) annulled the decision of the Italian Competition Authority (the Authority), against Sky Italia S.r.l. (Sky); Reti Televisive Italiane S.p.A. (and its subsidiary Mediaset Premium S.p.A.) (RTI); the Italian Football League (Lega Calcio); and Infront Italy S.r.l.(Infront), concerning an alleged violation of Article 101 Treaty...
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The Italian Competition Authority Investigates Alleged Margin Squeeze in the Italian Bulk SMS Market
On 16 November 2016, the Italian Competition Authority (the “Authority”) opened a proceeding against Vodafone Italia and Telecom Italia for alleged abusive conducts in the bulk SMS market. According to the Authority, both companies would have abused their dominant position in the upstream market of SMS termination services through alleged abusive conducts aimed at excluding or limiting other...
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Model Management Services, Italian Competition Authority Fines 8 Modelling Agencies and Their Trade Association for Price Fixing
On 11 November 2016, the Italian Competition Authority (the Authority) fined eight modelling agencies (B.M. S.r.l. – Brave, D’management Group S.r.l., Elite Model Management S.r.l., Enjoy S.r.l., Major Model Management S.r.l., Next Italy S.r.l., Why Not S.r.l. and Women Models S.p.a.) and their trade association (Assem) of € 4.5 million for alleged price collusion. According to the Authority, the
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Italian Revenue Agency Ruling on the VAT Regime to be Applied to the Availability Payments in the Concession Agreements
A recent ruling by the Italian Revenue Agency (Agenzia delle Entrate) has provided guidance on the correct VAT regime to be applied on the payments owed by the grantor to the concessionaire on the availability payment based on concession agreements. The ruling affirms that the portion of availability payment inherent, and therefore connected, to the construction costs incurred by the...
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Italian Revenue Agency Ruling Reaffirms that the Substitute Tax Applies to Refinancing Transactions
A recent ruling by the Italian Revenue Agency has reaffirmed the applicability of the Italian “substitute tax” to medium to long term loans in refinancing transactions. This had previously been denied in a controversial judgment issued by the Italian Supreme Court of Cassation (Cass. 16 January 2015, no. 695).
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Ad hoc Local Leniency Application Makes the Difference: The Italian Council of State Upholds the Administrative Court of Lazio Judgment on the Alleged International Road Freight Cartel
On 20 October 2016, the Italian Council of State (the “Council of State”) upheld the judgment of the Administrative Court of Lazio (“TAR”) on the cartel in the sector of international road freight forwarding to and from Italy and confirmed the ranking applied in granting the reduction of the fine. According to the Council of State, in order to access the national leniency program, a company...
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Activation of Premium Services, The Italian Competition Authority Fines Telepass for Unfair Commercial Practices
On 20 October 2016, the Italian Competition Authority (the “Authority”) fined Telepass of EUR 200,000 for alleged unfair commercial practices. According to the Authority, Telepass would have activated a premium service (premium option extra) to consumers, who activated the simple premium option, without their consent. In particular, Telepass would have adopted a mechanism based on the tacit...
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Italy: New Incentives for Renewable Energy Plants
In Depth - On 30 June 2016, the long awaited new Ministerial Decree providing incentives to electricity production from renewable energy sources (RES) other than photovoltaic (PV) energy entered into force after its publication in the Italian Official Gazette.
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Key Developments in The Photovoltaic Sector in Italy
In Depth - In 2015, solar photovoltaic (PV) systems in Italy generated 24,676 GWh of electricity, representing 9.1 per cent of Italy’s domestic electricity production and 7.8 per cent of the country’s overall consumption. Over half a million PV plants, with an aggregate production capacity of 17 GW, receive incentive payments in the form of feed-in tariffs (FiTs), totaling €6.6 billion per...
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Italian Competition Authority Updates Merger Control Turnover Thresholds
The Italian Competition Authority has updated its merger control turnover thresholds. Effective 14 March 2016, Section 16(1) of Law no. 287 of 10 October 1990 requires prior notification of all mergers and acquisitions where both the following conditions are fulfilled...
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Property Tax on Italian Photovoltaic Plants to Decrease Sharply
There is good news for owners of photovoltaic (PV) plants in Italy. In circular no. 2/E, released on 1 February 2016 (the circular), the Italian Revenue Agency has provided official guidance on new rules enacted by on 28 December 2015 by Law no. 208, 2016 (the Stability Law), effective as of 1 January 2016.