Ok to the tax simplification decree: What happens to the credit transfer?

The bill for the conversion of the tax simplification decree identified by Legislative Decree 73/2022 (text at this link) which brings down the so-called time wall that prevented banks, or any other company or entity belonging to the same financial group, from transferring all accounts to account holders identified as professionals with VAT number credits derived from building bonuses communicated by the appropriate tax drawer of the Revenue Agency before 1 May 2022.

More specifically, the article that was included in the Aid Law Decree has been repealed.

Now, an interesting scenario is opening up for all the Italian construction companies that have suffered in some way from this very unpopular choice of the state.

What the effects will be in the future is still difficult to say, however optimism on the part of the operators in the sector concerned is leaking out and the taxpayers also smile, who will probably be able to return to perform energy efficiency work on their homes by taking advantage of the credit transfer.

This maneuver can be considered a middle ground between the multiple transfers that have been made possible in the past and a more rigid but permissive system.

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End of the interpretative doubts on the retroactive transfer of the tax credit

In an even more specific way, the possibility of assigning the credit to current account holders with a VAT number without precisely identified requirements, is the result of the amendment from the Aid Law Decree converted into Law 91/2022 and has as its object every tax credit arising from building bonuses. , even those that arose before the new legislative provision became effective.

The repeal concerns article 3 of the aforementioned law, giving rise to new transfer rules. Banking institutions should welcome this provision, because it will probably allow them to dispose of or at least make less pressing the accumulation of credits accumulated over time and currently non-transferable.

With the reopening of the assignment of the credit to account holders, an interpretative doubt had arisen on the temporal validity of the assignment. Now that the Bill has been officially approved, this doubt is removed because article forty quater, titled so as to expressly name the amendment to the tax credit, credit transfer and invoice discount regulations, expressly mentions the ” repeal of the law that introduced the limitation, that is, paragraph 3-ter of article 2 of the Aid Law Decree.

In any case, the discipline on the new credit assignment still has some small obscure points that do not allow us to be completely happy.

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Tax simplification decree: are further transfers of the account holder possible?

According to the rules that have innovated the legal system, the Aid Law Decree provides that any financial credit institution or banks duly registered in the specific register of the Bank of Italy can carry out the assignment of credit towards private professionals, provided that they have entered into a contract with the same bank for the opening of a current account, even if the number of planned transfers was already exhausted.

Below, however, article 57 in the third paragraph of the credit law 50/2022, now repealed, provided that this possibility was applied only for all communications or discounts on the invoice communicated to the Revenue Agency only from 1 May 2022, which which caused a lot of inconvenience and millions of bad and essentially unusable credits.

A sort of fictitious currency that had no reason to exist due to the particular type of discounts possible from the annual tax return.

With the’repeal of the paragraph in question this possibility fails and now they can be sold without any limit also all communications and credits arising after the deadline. Unfortunately, the impossibility for the account holder with a VAT number who receives the credit to be able to make further transfers of the tax credit still remains in force: a limitation that hopefully will fall in the future on the basis of new legislative changes to help even more. the sector.

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The content of the tax simplification decree

The legislative change is organic and very extensive and for this reason several analyzes will be necessary before we can actually say the scope and benefits of the maneuver.

The simplifications decree approved on 2 August 2022 in the Senate consists of 3 titles: the first is entirely dedicated to the provisions on tax simplifications.

The second relates to the procedures that all citizens must follow to pay the State Treasury. The last one relates to the discipline on the procedures for obtaining the authorization for one’s work more easily.

In addition to unblocking the assignment of credits, the simplification decree also deals with streamlining some previously very complex tax procedures. For example, a new fiscal calendar has been defined for due dates and payments to the state, both as taxes and duties.

Subsequently, the legislator also defined greater slenderness for leases, but only those with the agreed rent formula.

Finally, it is now possible to sell directly any property that does not have a cadastral income, however only on the proposal of the debtor. For the uninitiated, these buildings are usually buildings that are under construction or collapsing, but also paved for solar panels.

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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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