Categoria: ARTICLES AND INTERVIEWS

The package of measures to deal with the industrial emergency at the ILVA Group’s plant is now in force.

The Decree, issued by the Government to ensure the production and employment continuity of the plant and the companies in its supply chain, known as the ex-Ilva decree (Decree Law No. 4, 18th January 2024), also applies to all current and future corporate crisis situations.

Economy Magazine conducted an in-depth analysis on the subject and interviewed several experts to understand the impacts and prospects that the decree could have on the Italian industry.

Among the interviewees is Gianfranco Arpea, who emphasized the importance of the new regulations for public interest purposes, explaining that “the granting, free of charge, of the guarantee by the SME Fund to the small or medium-sized supplier company facing credit access difficulties, provided that the requesting company has generated over 50% of its turnover in the last two financial years. This is an unprecedented vertical state intervention in the industrial and economic supply chain and stakeholder protection. The objective of promoting credit circulation while containing the costs associated with loan repayment and reducing the risk of entanglement in credit assignment phase is clearly seen.”

The full article is available here.

ItaliaOggi conducted an interesting in-depth survey on ESG related matters and the role of legal professionals in assisting companies, especially regarding ESG due diligence in M&A transactions.

“The ESG reporting required by Directive 2022/2464 (the Corporate Sustainability Reporting Directive, the  ‘CSRD Directive’) is a useful tool for understanding the target company” explains Francesca Ricci, interviewed on this topic. “During the negotiation of the acquisition contract, representations and warranties relating to non-financial reporting are crucial and, in the event of breach, give rise to contractual liability.[…] Starting from 2026, sustainability reports may have a significant impact on M&A transactions involving large companies. The expectation is to include approximately 8,000 companies in Italy that, falling within the definition of ‘large enterprise’ under the CSRD Directive, will be required to prepare sustainability reporting, thus relying on this additional attractiveness factor in M&A.”

To read the full article (in italian), click here.

An individual’s tax residence is a key factor for the application of income taxes in various jurisdictions. In a context of increasing global mobility and post-Covid-19 digital nomadism, the accurate determination of the tax residence of individuals becomes increasingly important, especially as jurisdictions compete to attract individuals with high-net-worth.

But how does one deal with the challenge of establishing whether an individual is considered a tax resident in a particular jurisdiction?

An article by Barbara Emma Pizzoni and Linda Favi, published by IBA Taxes Committee, examines the recent efforts made in Italy to overcome challenges related to determining the tax residence of individuals. These efforts have been implemented by revising the definition of tax residence contained in Article 2 of the TUIR.
The full article is available here.