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Terms and instructions from the Revenue Agency

Terms and instructions from the Revenue Agency

Loss Equalization Fund: Here are some considerations and analysis to provide the Revenue Agency with the latest news and instructions regarding the application. Focus on identifying the specific fields of tax returns that must be considered for proper application compilation.

September has begun for taxpayers with almost certain news Yet another stretch on the woolen thread.

This time it’s a show income model By persons who, having the required requirements, will subsequently be able to apply for the so-called parity fund.

A necessary step so that the Ministry of Economy and Finance can get a more complete picture of potential potential applications.

Pending that decision in the pipeline, which is likely to see the light through a dedicated press release anticipating the subsequent formal regulatory ruling, the Revenue Agency posted online ruling number 227357/2021 with which it intends to provide the indicator. from:

Tax return fields relating to tax periods in progress as of December 31, 2019 and December 31, 2020 are necessary to determine the amounts of economic results for the year to be considered for the purpose of recognizing the non-reimbursable grant

Revenue Agency Allocation Number 227357/2021
Determining the specific fields for tax returns related to the tax periods in progress as on December 31, 2019 and December 31, 2020 necessary to determine the amounts of economic results for the year referred to in Article 1, paragraphs 19 and 20, of a decree-law of May 25, 2021, No. 73, converted by amendments pursuant to the Law of July 23, 2021, No. 106
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This will allow potential users to knowingly submit their tax return While ensuring compliance with the income gap requirements.

The document in question contains, in fact, Appendix A with the reference scheme in which the following is indicated:

Tax return fields relating to tax periods in progress as of December 31, 2019 and December 31, 2020 are necessary to determine the amounts of economic results for the year to be considered for the purpose of recognizing the contribution…

Appendix A of Revenue Agency Provision No. 227357/2021
The areas of tax returns necessary to determine the amounts of financial results for the year to be considered for the purpose of recognizing the non-reimbursable contribution provided for in Article 1, paragraphs 16 to 27, of the Legislative Decree of May 25, 2021, n. 73, converted, with amendments, by the law of July 23, 2021, n. 106

The same Providing Revenue Agency in a Reasons Specifies that:

The non-repayable grant is due provided there is The deterioration of the economic result this year related to the tax period in implementation as on December 31, 2020, compared to the tax period in progress as on December 31, 2019, to an extent equal to or greater than the percentage specified by a decision of the Minister of Economy and Finance

This is exactly the decree of the Ministry that needs to be issuedElectronic pre-filing of tax returns And the subject of the extension until September 30 (announced by press rumors).

Knowing the income statements for 2020 by MEF is essential in order to create Minimum deviation percentage between 2019 and 2020 results, a prerequisite for accessing the feature and as the ruling still says:

Based on the decisions of the aforementioned Ministerial Resolution, the form, instructions and technical specifications will be approved with a subsequent clause for submitting applications electronically for the contribution request.

Early deadline for electronic filing of 2021 tax return: What’s the rationale?

Here I want to remind you that the need for an advanced electronic filing of the tax return 2021 – tax period 2020 aims to allowDisbursement of the equivalency contribution by the end of 2021.

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At this point, it becomes clear why institutions are not allowed not to grant a longer extension than that (potential but not yet formal) until next September 30, 2021.

In fact, I Technical times The collection of income data for 2020, the publication of the Ministry of Finance decree, the provision of the director of the Revenue Agency, the submission, verification and payment of the required contributions, cannot be too narrow if you want to respect the will of the government to disburse the contribution by the end of the year.

Of course all this is grafted on in a particularly dense month with appointments and commitments, between the regular and those that have been extended for this month. Not to mention the resumption of collection activities.

Steps that suck the time and energy of taxpayers and a large portion of tax professionals, For more and more years, assimilating and dedicating to the pursuit of achievement more than a productive consulting activity.

Coincidentally or not, September is also the month when the law empowered for tax reform will most likely see the light, ironically also the topic of “ExtensionCompared to the initial promise to release it at the end of last July.

A fix in my opinion should be made important answer, not only for requests related to the topic of lowering the tax burden, but to requests related to Simplify commitments, another important issue with the aim of reducing costs (in terms of lower GDP) arising precisely from excessive and unnecessary bureaucratic burdens.

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But that’s another question.