da Marco Vergani | Feb 11, 2019 | Art and taxation
The most well-known free ports are in Geneva, Luxembourg, Singapore, Beijing, Monaco and Delaware and these jurisdictions consider them as advantages in their offshore financial centers. However, – according to the report “Money laundering and tax evasion risks in free ports” – free ports make up only a small part of the high-end storage market. Because the number of customs warehouses is much larger offering the same security, indirect tax benefits and privacy, even if with different administrative procedures as often managed by private companies. In most free ports or customs warehouses (Luxembourg is an exception) almost anyone can introduce goods without revealing the last beneficial owner (Ubo, ultimate beneficial owner), ensuring confidentiality by tax authorities or creditors. Then in most cases the recorded value of goods depends only on self-declaration, which leaves ample margins of over- or under-valuation. The demand for these services is fueled by the new association between finance and art, considered an attractive commodity in times of crisis – masterpieces increase their value over time (especially if for ten years closed in a storage) – it is in a bull phase market, fueled by the expansion of private collections, new museums and new billionaires from China, the Middle East and Russia. But the fifth anti-money laundering directive (Amld5 Fifth Anti-Money Laundering Directive) raises the bar: from 10 January 2020 it will explicitly ask the operators of free ports and art market actors, who will become “non-financial obliged entities”, to comply with the same obligations of adequate verification of the clients of real estate agents or notaries. The guardians of the Anti-money laundering (AML) will act as they will have to report suspicious transactions to the Financial Intelligence Units. The analysis of the EPRS also raises a problem on the application to customs warehouses, where the identity remains unknown, of the fifth directive in harmony with the Union Customs Code (Ucc). Then the fifth EU directive on administrative cooperation (DAC5) provides that the tax authorities have access to the Ubo information and other information collected by entities obliged under the framework of the AMLD, starting from 1 January 2018. As free port operators will become obligatory entities by 10 January 2020 under Amld5, the DAC5 will become relevant only then. Only in Luxembourg the Direct Tax Office already has “access on request” to Ubo data held by licensed free port operators such as Le Freeport Luxembourg. But the art market will still have filters: in fact, “fishing” in data held by non-financial entities is not allowed; the tax authorities will have to know who and what they are looking for before to request access to Ubo information, otherwise the Ubo registers with non-financial obliged entities will remain “unknown. And one wonders if the Aml directive will have effects on the art market? The EU risks losing its appeal, leaving the way open to the free port of Geneva, located near the airport, with two deposit schemes for customers: free port or Swiss. The solution is around the corner.
da Marco Vergani | Feb 11, 2019 | E-commerce
In caso di emissione della fattura (immediata o differita), preceduta dallo scontrino (“parlante”, in caso di fattura differita), dalla ricevuta o dal “documento commerciale”, i dati di questi tre documenti vanno riportati nella fattura e va prestata attenzione a non duplicare né il versamento dell’Iva, né la tassazione del ricavo. L’ammontare dei corrispettivi certificati (da ricevuta/scontrino fiscale o dal “documento commerciale” emesso in caso di invio telematico dei corrispettivi) e oggetto di fatturazione, quindi, dev’essere scorporato dal totale giornaliero dei corrispettivi (risposta delle Entrate alla Faq n. 45 del 21 dicembre 2018 e circolare 249/1996).
Con l’avvento della fattura elettronica inviata allo Sdi, infatti, non è consigliabile registrare il totale dei corrispettivi (comprensivo degli importi fatturati) e non registrare le fatture elettroniche, ma è preferibile contabilizzare tutte le fatture nel registro Iva delle vendite, togliendo i relativi importi da quanto “certificato”.
La duplicazione dei ricavi può essere evitata, ad esempio, istituendo nel registro dei corrispettivi quattro colonne: una per gli scontrini, le ricevute e i “documenti commerciali”; una per le fatture emesse per le quali è già stato rilasciato uno dei precedenti tre documenti (scontrino, ricevuta o “documento commerciale”); una per le fatture emesse senza la preventiva “certificazione dei corrispettivi” (con rilascio di una quietanza, della ricevuta del Pos, eccetera) e una relativa al totale dei tre precedenti ammontari (anche in base alla circolare 3 del 15 gennaio 1973, protocollo n. 525373/73).
Le fatture dovranno essere registrate tutte nel registro Iva delle vendite, mentre i corrispettivi giornalieri totale (ultima colonna) dovranno essere registrati, al netto dei ricavi delle fatture emesse (circolari 249/1996 e 97/1997, oltre che risposta delle Entrate del 16 gennaio 2019, n. 7).
In caso di emissione dello scontrino, della ricevuta o del documento commerciale, va indicato nel campo «Tipodato» dell’elemento «AltriDatiGestionali» la stringa «Numero scontrino, numero ricevuta o numero doc. commerciale», nel campo «RiferimentoTesto» l’identificativo alfanumerico dello scontrino, della ricevuta o del documento commerciale, nel campo «RiferimentoNumero» il numero progressivo dello scontrino, della ricevuta o del documento commerciale e nel campo «RiferimentoData» la data dello scontrino (risposta delle Entrate alla Faq n. 45 del 21 dicembre 2018).
da Marco Vergani | Feb 6, 2019 | Taxation in Italy
The Budget Law 2019 amended the regime forfettario previously introduced by the 2015 Stability Law. In particular:
- the threshold of revenues / compensation that allows access to the regime was raised to € 65,000
- the access requirements relating to the cost of personnel and capital goods have been eliminated
- some impediments concerning the performance of work activities and the holding of shareholdings were reformulated.
The regime forfettario makes it possible to apply a single substitute tax on income, with a rate of 15% (5% for the first 5 years of business), replacing those ordinarily provided (Irpef).
From 2020, on the other hand, it will be fully introduced the 20% flat rate for individual and professional entrepreneurs who, in the year prior to the access, have earned revenues or received compensation, adjusted for each year, between 65.001 and 100.000 euros.
Taxpayers who can access the flat-rate scheme can: - start a new business activity, art or profession and that presume to achieve revenues or fees not exceeding 65,000 euros;
- have already started an activity if they have achieved revenues / compensation below the threshold of 65,000 euros.
If several activities are carried out, which are distinguished by different ATECO codes, the sum of the revenues / compensation relating to the various activities carried out must be considered.
Since the flat-rate scheme is a natural regime, taxpayers who are already engaged in business, art or profession access it without the need for any communication.
Subjects can not access the lump-sum scheme: - making use of special schemes for VAT purposes or for flat-rate income-setting schemes;
- non-residents (with the exception of those residing in an EU or EEA State, which ensures an adequate exchange of information, which produce in Italy at least 75% of the total income produced
- that carry out, exclusively or prevalently, operations for the sale of buildings or portions of buildings, building plots or new means of transport;
- who participate simultaneously in partnerships, professional associations or family businesses, or that directly or indirectly control S.r.l. o Associations in participation, which carry out economic activities directly or indirectly related to those carried out by the business activities of the arts or professions;
- physical persons whose activity is mainly carried out in respect of employers with whom work relations are ongoing or during the previous two tax periods, or in relation to persons directly or indirectly attributable to such employers of work.
The lump-sum regime ceases to be effective starting from the year following the one in which the access requirement is terminated, or a cause of exclusion occurs.
For VAT purposes, the adoption of the flat-rate scheme involves a series of simplifications, including the exemption from the obligation of electronic invoicing. The numbering and preservation obligations of the purchase invoices and the customs bills, the certification of the fees and the integration of the invoices for the operations for which tax is payable (with an indication of the rate and relative tax) remain in place.
For accounting purposes, the lump-sum regime exempts from registration and keeping records. Taxpayers who adopt it do not apply sector studies and parameters, do not operate withholding taxes or undergo withholding taxes.
da Marco Vergani | Gen 28, 2019 | IVA, Start-up
There are three “stakes” to be respected for the taxpayer in a flat-rate regime (regime forfettario) that aspires to reduce to 5% (instead of 15%) the substitute tax, and are still those provided for in paragraph 65 of article 1 of law 190/2014 , not modified by the Budget Law 2019. The three requirements for the “discount” are as follows:
1.The tax payer must not have exercised, during the three years preceding the startup, artistic, professional or business activity, also in associated form;
2.The activity now carried out (the start-up) must not constitute, in any way, a mere continuation of other activity previously exercised in the form of dependent or self-employment, excluding compulsory practice for the purposes of the exercise of arts or professions;
3.In case of continuation of activities previously carried out by another person, the amount of the related revenues and remuneration, realized in the tax period preceding that of recognition of the benefit must not exceed the limit of 65 thousand euro.
Some clarifications are found in the documents of practice dedicated by Agenzia delle Entrate to the “regime dei minimi” (circular 17 / E / 2012, 59 / E / 2001 and 1 / E / 2001).
The first limitation does not operate if the taxpayer participated in inactive companies or, in any case, with the opening of the VAT number without any concrete activity.
Among the aspects to be considered in relation to the decision or not to apply the flat-rate regime, the accounting / tax simplifications that are proper to the substitutive regime must be duly considered. These simplifications, in fact, allow a saving of administrative costs that could have a decisive influence on the final choice.
Taxpayers who apply the flat rate system are only obliged to number and keep the purchase invoices and the customs bills and to certify the fees. In particular, there is exemption from electronic invoicing (except in the case of supplies / services to the PA) and from the payment of the tax. However, in certain situations (for example, the provision of services received for which the obligation to apply the rules of Article 7-ter of Presidential Decree 633/1972 becomes operative), the tax payers are owed by VAT with payment obligation on the 16th day of the month following the month in which the transaction was carried out.
In addition, for the lump-sum payments, the non-application of withholding taxes on the payment of remuneration and / or income and the absence of the status of withholding agents is recognized.
In light of the changes introduced by the Law for the 2019 Financial Statements, the obligations that must be put in place by persons using employees, in light of the exemption provided for by the rule establishing the flat-rate scheme (paragraph 69, law 190 / 2014).
For the purposes of income tax, the exemption from registration and keeping of accounting records becomes operative, even if there is an obligation to keep the documents received and issued. Finally, for taxpayers on a flat-rate basis, exemption from IRAP exists.
da Marco Vergani | Gen 23, 2019 | Art and taxation
CryptoArt is a very recent artistic movement in which the artist produces works of art, typically fixed or animated images and often in close collaboration with the machine – not necessarily a computer but also, for example, a scanner or an old Polaroid – and distributes them using the blockchain technology and the Ipfs peer-to-peer (InterPlanetary File System) network.
But how does the CryptoArt system work? When an artist exhibit his work in a digital gallery a transaction was created in the Ethereum blockchain. The transaction creates and transfers a token that is uniquely associated with the artwork in the cryptographic portfolio of the artist. The transaction is digitally signed by the artist, using asymmetric cryptography, in order to prove the authenticity of the work.
The artwork (in fact its image in Jpeg format) is then input from the gallery in the Ipfs peer-to-peer network and distributed among the various nodes of the network. The Ipfs network baptizes the image with a unique code, which distinguishes its contents. This means that the same image, even if distributed on multiple nodes of the network, will always have the same name and will be conceptually identified as a single resource.
The digital work now begins its life (however immortal) on the blockchain. Anyone can admire it and buy it at the price set by the artist (many sales work by auction). The price is expressed in Ether, the third cryptocurrency by market capitalization after Bitcoin and Ripple. At the time of a possible purchase, a new transaction is entered into Ethereum: the token of the work passes into the portfolio of the buyer collector while the agreed Ether amount pass into the seller’s portfolio. The work, even after being sold, remains on the market and can still be traded. Each change of hands compensates, in percentage, also the original artist (a 10% of the sale price on most digital galleries). All these steps, which in the traditional art market take months or years to occur, thanks to this technology happen in a few moments, in a certified and safe way.
From a regulatory and fiscal point of view, there is still no specific and exhaustive legislation on the crypto currencies (Bitcoin, Ethereum, etc..).
Let’s start by saying that, from the artist point of view, the Ethereum should be considered as foreign currency. So although there is not the specific need to declare the amount owned, he should however declare all the transactions carried out exactly as he do for those that occur in other currencies (Euro, Dollar, or others). And this applies, according to the fiscal laws of the residence country, to any cryptocurrency used.
Therefore, from the fiscal point of view for the seller, using Ethereum is exactly how to use Euro or Dollars: from a fiscal, bureaucratic or administrative point of view it does not change anything.
So even if the artist collects Ethereum and chooses to store them on its own wallet, if he were to sell them in the future and obtain a capital gain, he would have to pay taxes on it.
From the buyer point of view capital gains are taxed, but are paid only when they are recognized. So only when the work were sold, or at the close of the balance sheet, the capital gain could be recorded, and only on this the taxes would be paid.
da Marco Vergani | Nov 14, 2018 | Agevolazioni
L’ Agenzia delle Entrate, in relazione alle attività ammesse al credito d’imposta R&S, ha di recente chiarito con la R.M. 22.6.2018, n. 46/E che l’individuazione delle attività agevolabili deve avvenire in base ai criteri di classificazione definiti in ambito Ocse.
Pertanto, In base a tali criteri non possono ritenersi agevolabili quelle attività che siano carenti del requisito della novità (nel caso dell’istanza l’attività si limitava ad utilizzare gli ultimi ritrovati della tecnologia, senza tuttavia procedere ad una loro implementazione tecnologica) e del rischio finanziario (cioè dell’insuccesso tecnico o economico dell’attività di ricerca).
Con la R.M. 22.6.2018, n. 46/E l’Agenzia affronta il caso relativo alla riconducibilità tra le attività agevolabili di quelle relative ad un progetto posto in essere da una società attiva nel settore dell’organizzazione di eventi che intende avviare un programma di Ricerca&Sviluppo basato sulla progettazione, programmazione e realizzazione di software, di servizi web, app e di impianti tecnologici, avente la finalità di:
– colmare i gap attualmente presenti nei sistemi che gestiscono le attività correlate alla partecipazione alle manifestazioni, che generano errori e prevedono lo svolgimento di attività manuali;
– digitalizzare integralmente i flussi documentali;
– migliorare ed ampliare i database in modo da aumentare la qualità dei dati integrandoli con informazioni sui comportamenti degli utenti;
– sviluppare i processi di valutazione dei risultati operativi;
– creare nuovi ed innovativi servizi.
A tal fine richiede se le attività prospettate possano fruire del credito d’imposta R&S, e cioè se le attività prospettate dalla società interpellante rientrino o meno tra quelle di:
– ricerca fondamentale;
– ricerca applicata;
– sviluppo sperimentale
L’Agenzia delle Entrate innanzitutto chiarisce che le attività di R&S di cui art. 3, D.L. 145/2013 rinviano a quanto indicato dal par. 1.3, p.to 15 della Comunicazione della Commissione Ue (2014/C 198/01) del 27.6.2014 (Disciplina degli aiuti di Stato a favore di ricerca, sviluppo e innovazione) che, a sua volta, fa riferimento ai criteri di classificazione di tali attività definiti in ambito Ocse e, più in particolare, nel cd. Manuale di Frascati (Guidelines for Collecting and Reporting Data on Research and Experimental Development). Nel caso di specie l’Agenzia, acquisito il parere del Mise, evidenzia come le tecnologie introdotte per effetto della riorganizzazione, tra cui:
– le tecnologie di geolocalizzazione indoor basata su 6 dispositivi bluetooth LTE, quali i beacon fisici, i virtual beacon, tecnologie tipo QUUPPA o tecniche di localizzazione che utilizzano connessioni Wi-Fi;
– le tecnologie che applicano la cd. Realtà Aumentata per fornire contenuti personalizzati e finalizzati ad arricchire l’esperienza di visita presso la fiera;
– le tecnologie Digital Signage per la diffusione di contenuti e l’acquisizione di informazioni; le tecnologie di proximity marketing;
– le tecnologie di Big Data Analytics per l’applicazione di tecniche di Machine Learning e Cognitive Marketing;
risultino essere già ampiamente diffuse e disponibili in tutti i settori economici (incluso quello dei servizi) per accompagnare e realizzare la trasformazione tecnologica e la digitalizzazione dei processi produttivi secondo il paradigma Industria 4.0.
Pertanto, non sussiste né il requisito della novità, né quello del rischio finanziario (inteso come rischio imprenditoriale specificatamente correlato all’attività di ricerca sviluppo, la quale potrebbe non ottenere dei risultati tecnici, oppure tali risultati tecnici non siano accolti con favore dal mercato), fondamentali parametri che permettono di individuare le attività agevolabili ai fini del credito d’imposta R&S secondo le Linee guida richiamate.
Secondo il parere del Ministero interpellato si tratta di ordinarie attività realizzative di un programma di investimenti in capitale fisso; vale a dire, investimenti in beni strumentali (materiali e immateriali) direttamente impiegati nella realizzazione delle attività caratteristiche dell’impresa in quanto tali trattati sul piano economico-patrimoniale, nonché in sede di rappresentazioni di bilancio alla stregua di immobilizzazioni, non riconducibili tra quelle agevolabili ai fini del credito d’imposta in questione.
Da quanto evidenziato dall’Agenzia delle Entrate si può concludere quanto segue. Non è sufficiente avvalersi delle ultime tecnologie rese disponibili dal mercato per accedere al bonus, ma è necessario implementare dal punto di vista tecnico.
Nel caso di specie i software elaborati altro non facevano che utilizzare tecnologie già preesistenti, ponendole in correlazione al fine di migliorarne il rendimento complessivo, ma senza introdurre delle novità tecnologiche sostanziali nell’ambito di tali tecnologie (esempio, fornivano dati necessari per la fruizione della realtà aumentata ai partecipanti alla fiera, senza modificare la tecnologia che permette la fruizione della realtà aumentata, né quale sviluppo software sottostante che quale hardware).
Anche l’implementazione di software che si limitino ad aggregare le informazioni (Big Data) che vengono da macchinari avanzati, già sviluppati dalla tecnologia, non sono sufficienti a inquadrare tale implementazione nell’ambito della ricerca e sviluppo agevolabile.
