The Ministry of Public Finances published on January 22 an Emergency Ordinance Draft for amending and completion of Law no. 207/2015 on the Fiscal Code.
According to the explanatory note, the draft legislation is launched in order to transpose into national legislation the provisions of the following Directives of the Council of the European Union:
- Regarding income tax, the provisions concerning the unfair treatment of hybrid mismatches Council Directive (EU) 2016/1164 of 12 July 2016 laying down rules against tax avoidance practices that directly affect the functioning of the internal market, Council Directive (EU) 2017/952 of 29 May 2017 amending Directive (EU) 2016/1164 as regards hybrid mismatches with third countries;
- Regarding VAT, Council Directive (EU) 2018/1910 of 4 December 2018 amending Directive 2006/112/EC as regards the harmonization and simplification of certain rules in the value added tax system for the taxation of trade between Member States,
- Regarding VAT and excise duties, Council Directive (EU) 2019/475 of 18 February 2019 amending Directives 2006/112/EC and 2008/118/EC as regards the inclusion of the Italian municipality of Campione d’Italia and the Italian waters of Lake Lugano in the customs territory of the Union and in the territorial application of Directive 2008/118/EC
The Emergency Ordinance Draft and the explanatory note are available on the website of The Ministry of Public Finances.