Venerdì 20 Gennaio 2017 - Aggiornato alle 14:31
Patent box, the Italian Revenue Agency signed the first 4 agreements. Companies will benefit of a favorable tax regime about brands; trademarks, designs, models and know how
Signed in 2016 the first four agreements to adhere to the Patent box regime, the tax bonus introduced by the Italian Stability Law for 2015 in order to improve the development of intellectual property, granting tax benefits to resident and non-resident taxpayers carrying out research and development activities. In the last days of December, the Italian Revenue Agency has reached agreements with four big companies allowing them to take advantage of this favorable tax regime for the next 5 years. In particular, the four companies, joining this measure aimed at strengthening businesses competitiveness, have a turnover higher than 300 million euro and operate in the fashion, chemistry, energy and telecommunications industries.
The Patent Box agreements have defined the methods and the criteria for calculating the economic contribution of intangible assets to the production of taxpayers' business income, to determine the amount of taxable income eligible. To quantify eligible income has been used in three cases the Cup method - Comparable uncontrolled price internal and external - and in one case the Rpsm - Residual profit split. Eligible intangible assets have been brands, trademarks, designs, models and know-how.
Patent box in detail
The Patent box regime is a tax bonus aimed at improving the development of intellectual property, granting tax benefits to resident and non-resident taxpayers carrying out research and development activities.
The benefit concerns the optional partial tax exemption from corporate tax for those incomes arising from direct use or licensing of qualified intangible assets. Under this regime, taxpayers can partially exclude from their tax income, for purposes of the income tax and of regional tax on productive activities, those qualified incomes deriving from the direct exploitation of intangibles or from licensing of the IP, such as royalties earned by the taxpayer, net of all IP-relating costs.
The bonus can be required by companies, individual entrepreneurs, other bodies, different from companies, carrying out business activities and non-resident taxpayers with a Permanent Establishment in Italy, if they are resident in a Country with which Italy has an effective tax information exchange agreement.
Several are the intangible assets eligible, such as Software protected by copyright, patents, trademarks including collective brands, business and technical-industrial know how, other legally protected IP, such as designs and models.
Here are the tax enforcement new guidelines for 2017
Promotion of tax compliance, voluntary disclosure and fight against tax evasion. These are the main topics at the center of the brand new guidelines addressed to the operative offices of the Italian Revenue Agency, according with the Ministry of Economy and Finance fiscal strategy . Today the Central Directorate for Tax Assessment of the Italian Revenue Agency releases the operative guidelines for 2017 in order to increase the number of tax assessments and to obtain even better results in terms of tax revenue, encouraging tax compliance and reducing invasive controls for taxpayers with a low risk score. At the same time, the operative offices will have to enhance the activities aimed at recovering the Vat tax gap, at fighting Vat frauds and at tackling illicit tax refunds and compensations.
Focus on tax compliance – In 2017, the Italian Revenue Agency will be engaged in a “compliance programme”. As part of this strategy, the Tax Administration is sending to all kind of taxpayers letters to highlight incongruities and to enable them to check and correct their fiscal position. It is an opportunity for taxpayers that will have a reduction of penalties and will avoid future tax assessment and an important efficiency tool for the Tax Administration, that, on the one hand, fosters the implementation of spontaneous tax obligations and, on the other, can address resources on taxpayers with tax evasion high risk score. In 2016 these “tax alert” letters overcome 700 thousand and in 2017 the Revenue Agency will improve this number. Next year will also be strategic for new activities aimed at encourage spontaneous declaration of taxable incomes, making available to taxpayers all data regarding sent and received invoices.
How to tackle tax evasion, here are the new guidelines for 2017 – To cut the VAT tax gap, which has "weighed" in 2014 for about 40.2 billion on the “shoulders” of the State budget. That’s one of the main goals put on top of its “new year working-agenda” by the Italian Revenue. At the same time, redirecting more resources on taxpayers less cooperative and unlikely to comply with the requirements on transparency, for example those who put into practice complex systems, seemingly legal, with a view to evade taxes. On the tax enforcement side, to the Revenue offices is asked to furtherly quantify the resources in an even more useful way so as to increase the total of both the additional taxes assessed and those defined, the same for the Vat. Among the objectives addressed to the Administration offices, is also pointed to improve the quality of fiscal checks and inspections on both medium and large companies, those with turnover, gross profits or rewards declared between 26 million euro and 99.9 million euro. On the same fiscal path, the new year coming will also see an increase in the number of tax controls the concerning VAT subjects. On the opposite, fiscal checks on the register will be reduced, due to the parallel decrease in the number of acts subject to registration in recent years. A particular attention will be placed on the selection of documents to be scrutinized, focusing on cases with an "high-risk” fiscal profile or “with high deviation thresholds” in relation to the data already monitored by the Revenue Agency. However, the opening of an adversarial principle with the taxpayer is always prior to the issuance of a fiscal notice demanding for a tax rectification. Finally, at the central level the coordination of sensitive anti-fraud activities will be delegated to two different structures: Fraud and Ucifi, respectively engaged both in major frauds concerning international tax offense.
Voluntary disclosure, step “two”, get to work - The Revenue Agency’s Provincial Directorates have already almost closed the full scrutiny of the demands related to the "first" voluntary disclosure program. About phase “two”, is asked to the Revenue offices to start the ordinary fiscal enforcement activities as quickly as possible, just from the first days of 2017. The goal is to verify that the due payments have been effectively completed by taxpayers ahead of the legal deadline.
Patent box - Particular attention will be placed in the processing of "patent box" applications, aimed at signing a prior agreement to take advantage of a preferential fiscal treatment of income arising from the use of intangible assets. All Regional Direction involved will allocate an adequate amount of resources to achieve the goal, by December 31, 2017, to run and truck all the applications filed in 2015. Then the offices will address their attention to the trucking of the applications presented in 2016.
(st.la – va.ib.)