VAT-related “Codice della crisi”for institutions, liquidators, and restructuring entities have been expanded

This expansion includes provisions related to VAT adjustment notes and registration exemptions.

Under the current provisions, VAT adjustment notes in case of a decrease in VAT (as per Article 26 of DPR 633/72) apply when a payment by the purchaser or contractor is not made, either in part or in full, starting from the date when the debt becomes subject to insolvency proceedings or when agreements for debt restructuring are approved. Additionally, this applies from the date of publication in the Companies Register of an attested plan, as defined by Article 67, paragraph 3, letter d of RD 267/42.

The expansion also includes the application of the VAT adjustment note provisions to cases of negotiated crisis resolution, covering agreements with one or more creditors and agreements signed by experts. This applies from the date of publication of these agreements in the Companies Register.

To implement these changes effectively, formal adjustments to the provisions are required. Specifically, the date of publication in the Companies Register should be included in the provisions. Furthermore, additional procedures related to insolvency within the “Codice della crisi” that are not covered by the bankruptcy law should also be incorporated. These include judicial and controlled liquidation of overindebted entities, simplified liquidation for asset disposal, minor debt restructuring agreements, and plans subject to approval.

This extension will also affect the registration requirements for VAT adjustment notes, which will no longer apply to the specified insolvency procedures outlined in the amendment.

Source: eutekne.info

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