For those businesses that do not use international accounting standards for their financial statements, it has been introduced the possibility to adapt their fiscal existence of their warehouse as indicated on article 92 of the Tuir.
The adaptation, limited to the tax period 2023, can be carried out through the elimination of the initial existence of quantity, or higher values to the effective ones, or by adding initial existence previously omitted. If it is calculated through be elimination or registration of values, generates payments of various taxes; however, it won’t have sanctioning purposes.
The resulting values of the variation are recognized to civil and fiscal ends from the period of tax that covered the 30 of September 2023 and within the limit of registration or deletion and cannot be used to certify previous periods of taxes.
The conformity has no effect on verbal processes of observation delivered nor on notified investigations up to the effective date of the budget law which was the 1st of January 2004.
The conformity can be carried out by two methods. It is possible to eliminate the initial existence of quantity or values superior to the effective ones, or through the registration of the initial existence previously omitted.
L’adeguamento effettuato con l’eliminazione di quantità/valori comporta il pagamento:
The conformity with the elimination of quantity/values sees the following payments:
1. Vat which can be can be calculated through the average rate applicable for the year 2023 and the import obtained multiplying the eliminated value for the increase coefficient fixed by the diverse activities through executive degree. To calculate the average rate, it is necessary to consider the operations which are not subject of tax meaning, they are under a special regime. The average rate is obtained by the relation between the import of the operations decreased from the import related to the sale import of the depreciable assets, and the volume of business declared.
2. Of a substitutive tax (no-deductible) on physical persons income taxes, of the income taxes on the company’s income and regional tax on productive activities, in a measure equal to 18% to be applied to the difference between the calculated import with the modalities indicated on the previous point and the eliminated value.
The conformity carried out through the procedure of inscription of values is to be paid by a substitutive tax (no-deductible) of the tax on physical persons income, of the tax on the company’s income and on the regional tax on activity production, in measure equal to 18% to be applied to the registered value.
Note that the conformity must be requested on the income tax return related to the period of tax in which it was carried out.
The tax can be paid in two instalments of equal import. The first instalment must be paid by the date decided for final payment of the tax on income related to the period of the current tax. The second instalment must be paid by the due date of the second or single payment of the taxes on incomes for the successive period of income taxes.
Failure to respect the due dates shall result in a definitive registration to the role, interests shall be applied, as well as sanctions.
Palermo, Rome, 17 January 2024
Mr. Angelo Pisciotta