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Let's talk antitrust: Discussing recent cases and emerging competition issues
Recent cases and judgments have shone a light on some emerging themes and trends that companies will want to consider as part of their risk management framework.
Global | Publication | April 7, 2016
On March 21, 2016, the Italian Tax Authority (the “ITA”) took steps to implement the international tax ruling procedure set forth by article 31-ter of Presidential Decree No. 600 of 29 September 1973, as recently amended by Legislative Decree No. 147 of 14 September 2015 (the “ITR Procedure”).
The ITR Procedure gives certain corporate taxpayers the possibility to obtain early confirmation from the ITA of the tax treatment on future income (i.e., income the taxpayer is expected to make over the following five years). The eligible taxpayers include, but are not limited to, resident companies controlled by or controlling non-Italian resident individuals, Italian taxpayers carrying on their activity through a foreign permanent establishment, and non-resident enterprises carrying on their activity in Italy through a permanent establishment (a “PE”).
The ITR Procedure could be invoked with reference to a wide variety of issues, including, for example:
A company wanting to take advantage of the ITR Procedure must submit an application to the ITA Office for Advanced Rulings and International Disputes (Ufficio Accordi Preventivi e Controversie Internazionali). The application must be delivered by registered mail or in person, by the applicant or a duly authorised representative of the applicant. Moreover, the application must contain certain minimum essential information, as follows:
As a general guide, in the application the taxpayer must fully describe the issue under consideration and provide the ITA with all the documentation which could be relevant or useful for the ITA to properly understand the context of the issue under consideration and make an informed decision regarding the relevant tax treatment.
The entire ITA Procedure must be completed within 180 days from the receipt of the application, but the ITA can extend this period if it is required in order to obtain additional information from the applicant or from a foreign tax authority.
The rulings of the ITA following an ITA Procedure are binding on the taxpayer and the ITA for the fiscal year during which the ruling is issued and for the following four years, provided that the relevant factual and legal circumstances remain unchanged.
Please contact your usual Norton Rose Fulbright contact or Claudio Grisanti, partner, Head of tax (Italy) for more information.
Video
Recent cases and judgments have shone a light on some emerging themes and trends that companies will want to consider as part of their risk management framework.
Publication
After a lacklustre finish to 2022 when compared to the vintage year for M&A that was 2021, dealmakers expected 2023 to see the market continue to cool in most sectors, in response to the economic headwinds of rising inflation (with its corresponding impact on financing costs), declining market valuations, tightening regulatory scrutiny and increasing geopolitical tensions.
Publication
On 18 September 2023, the CMA published its Initial Report (Initial Report) on AI Foundation Models (FM), supplemented in April 2024 with the publication of its “Update Paper” focused on potential antitrust risks associated with FMs and a “Technical Update Report” providing more detail on the development on FMs (collectively the “Reports”). Below, we consider these CMA publications.
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