News and Press

New Tax Ruling - Foreign Trust with Italian beneficiaries

With the recent Tax Ruling (Interpello) No. 693/2021 of 8th October 2021, the Italian Tax Authorities clearly addressed a debated tax monitoring obligation of Italian beneficiaries of foreign discretionary and irrevocable trusts, confirming the obligation for actual or potential
beneficiaries of the trust to report their entitlement and the trust amount in the “tax monitoring section RW” of their Italian tax return.

This conclusion is grounded on the interpretation of the definition of “actual beneficiary” (titolare effettivo) of trusts’ assets, as
amended by the Legislative Decree No. 90/2017 (and effective since 2018).The above interpretation and conclusion is also reported in the current draft of the tax circular on trusts, opened to comments until September 2021, and that received several requests of clarification and amendment by scholars and market players and that is still in draft but expected to be published and formally enacted by the Tax Authorities in the near future.

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CDP e Jones Day nella prima cartolarizzazione di crediti commerciali originati da Unoenergy e strutturata da Banca Akros

Lo studio legale Caiazzo Donnini Pappalardo & Associati ha assistito Unoenergy con un team composto dal socio Giulio Tognazzi e da Marta Mastroeni e Gabriella Pia Del Gaudio. 

Unoenergy è stata inoltre assistita dai legali in house, Avv. Isidoro Di Mella, general counsel della società e dalla Responsabile Affari Legali Avv. Martina Spedale.

Jones Day ha assistito Banca Akros (nel ruolo di arranger) e Banco BPM (nei ruoli di investitore senior, account bank e sponsor) nella strutturazione di una operazione di cartolarizzazione avente ad oggetto crediti commerciali originati da Unoenergy S.p.A. (già “Unogas Energia S.p.A.”), derivanti dell’attività di fornitura di gas naturale e/o energia elettrica.

L’operazione è stata realizzata tramite l’emissione, da parte di una società veicolo costituita ai sensi della legge 130/1999, di più classi titoli asset-backed a ricorso limitato con struttura c.d. “partly-paid” che sono stati sottoscritti da una pluralità di investitori fra cui Banco BPM (quale investitore senior) e Trinity Fund per il tramite di P&G SGR (quale investitore junior). 
Jones Day ha assistito Banca Akros in qualità di arranger e Banco BPM in qualità di investitore senior, sponsor e account bank con un team composto dal partner Vinicio Trombetti e da Fabio Maria Guidi e Maddalena Catello. I profili fiscali dell’operazione sono stati curati dagli of counsel Luca Ferrari e Carla Calcagnile. 

Nel contesto dell’operazione sono stati coinvolti anche gli uffici legali interni di Banca Akros e Banco BPM con un team composto da Maria Teresa Guerra, Raffaele Carfora, Fernando Apa e Roberto Rambelli.

Nel contesto dell’operazione, Zenith Service S.p.A. ha agito nei ruoli di master servicer, rappresentate dei portatori dei titoli, agente di calcolo, portfolio agent e corporate servicer, mentre The Bank of New York Mellon SA/NV, Milan Branch ha agito in qualità di paying agent della cartolarizzazione.

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CDP, con il socio Rino Caiazzo, difende con successo la Delibera AGCOM sul modem libero dinnanzi al Consiglio di Stato

Con sentenza n. 5702 del 2 agosto 2021, il Consiglio di Stato ha confermato la legittimità dell’art. 5 c. 1 della delibera AGCom 348/18/CONS in materia di diritto di libera scelta del modem per l’accesso ad internet. Lo Studio, con il socio Avv. Rino Caiazzo, ha assistito con successo l’associazione di categoria AIRES, intervenuta a difesa della delibera.
 

 

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CDP with a Corporate and Investment Bank of a primary Italian banking Group, in a financing to Wisdom

Caiazzo Donnini Pappalardo & Associates has assisted a Corporate and Investment Bank of a primary Italian banking Group, in a financing to Wisdom S.r.l., a company managed by Quinta Capital SGR on behalf of investment funds attributable to York Capital Management, for an amount of Euro 11,100,000.00, for the demo-reconstruction of residential units in the center of Rome.
 

 

The project, concerning a property in Via di Villa Ricotti, very close to Villa Torlonia, provides for the conversion of a real estate asset currently used as offices into a residential property with several extremely versatile and innovative housing units.
Giulio Tognazzi (in the picture), partner, has lead the team of Caiazzo Donnini Pappalardo & Associati, composed of the associates Marta Mastroeni and Francesco Savo Amodio.
Ashurst assisted Wisdom S.r.l. in relation to the aspects relating to the facility agreement, with a team led by Mario Lisanti, partner, and composed by Gian Luca Coggiola, counsel, Davide Cipolletta, trainee, and Michele Milanese, as partner responsible for tax profiles, as well as for the contractual aspects relating to the development of the residential real estate project, with Alessandro Testa under the supervision of Andrea Caputo, partner.

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Italy Clarifies Withholding Tax Exemption on Loan Interest

 

Private Equity EU funds may efficiently finance directly their Italian investments. The Italian tax authority published a Resolution, confirming previous interpretations, providing a withholding tax exemption on interest paid by an Italian borrower under loans granted by its controlling collective investment funds.

In particular, Resolution 125 confirms that the tax exemption also applies also to direct lending granted by a non-regulated private equity fund to its Italian subsidiary to the extent that the asset manager of the fund is a regulated entity pursuant to the local regulatory legislation.

https://news.bloombergtax.com/daily-tax-report-international/italy-clarifies-withholding-tax-exemption-on-loan-interest

Bloomberg Tax, 17 May 2021

Fineco launches ISA accounts on the UK market with the legal-tax support of CDP

FinecoBank launches ISA accounts to its clients resident in the United Kingdom. The transaction has been supported and coordinated for legal and tax matters by CDP.

These are savings accounts which benefit from tax incentives and are reserved to retail clients tax residents in the United Kingdom. Fineco is the first Italian bank offering these products in the English market.
 
The transaction is part of a wider internationalization project of the Bank, which intends to offer its fintech technology and its services also to clients not resident in Italy. The project is internally coordinated by the competent structures of the bank, with the legal-tax support of Avv. Francesco Bonichi, partner of CDP and his team.
 

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Tax Alert - Statute of limitation of tax assessment of multiannual income components

With the decision No. 8500 of March 25, 2021, the Italian Supreme Court, in United Sections, has negatively addressed the long-standing debate concerning the statute of limitations of tax authorities' power of assessment in relation to multiannual income components (e.g., mainly, depreciation charges, tax credit deductions and carried forward losses), giving relevance to the period in which the tax return reports the income component and not to the original fiscal period when the income or the loss accrued and is firstly recognised in the financial statements.

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Giulio Tognazzi has assisted the Italian Energy Efficiency Fund II, managed by Fondo Italiano per l’Efficienza Energetica SGR SpA in a facility with Banco BPM, assisted by studio legale Dentons

Dentons Law Firm has assisted Banco BPM in relation to a facility granted to  ITALIAN ENERGY EFFICIENCY FUND II, managed by Fondo Italiano per l’Efficienza Energetica SGR SpA, which invests in projects that reduce the energy consumption (in particular by fossil fuels) and in renewable energies, assisted by CDP&Associati Law Firm.

The loan has a value of Euro 17.5 million and is aimed at supporting the Fund's needs with a 12 month revolving line, in line with the Fund's path of investment in projects that contribute to the energy transition and decarbonisation process.
 
Dentons acted with a team coordinated by the  partner Alessandro Fosco Fagotto and composed by the managing counsel Edoardo Galeotti and the senior associate Silvia Cammalleri.

For CDP&Associati, the partner Giulio Tognazzi (in the picture) and the associate Marta Mastroeni have acted.

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Rino Caiazzo speaker at the Private Enforcement of Competition Law conference, held by Informa Connect

Yesterday, 9 March 2021, the firm’s founding partner Rino Caiazzo joined as speaker the Private Enforcement of Competition Law conference, held by Informa Connect, during the panel on the European trucks cartel

Alert Corporate&Tax 01.2021 Misure a sostegno della patrimonializzazione delle imprese durante l’emergenza COVID

Per far fronte all’emergenza COVID, il legislatore ha introdotto alcune misure volte a favorire la patrimonializzazione delle imprese che abbiano subito perdite nell’esercizio interessato dalla pandemia: sospensione temporanea degli ammortamenti civilistici mantenendo la deducibilità fiscale e sospensione per cinque anni dell’obbligo di ricostituzione del capitale per perdite al di sotto del limite legale

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CDP & Associates with Ubi Banca - Gruppo Intesa Sanpaolo in a facility agreement with Zaffiro Costruzioni for the construction of nursing homes for elderly people in Parco delle Cave in Brescia

Caiazzo Donnini Pappalardo & Associates has assisted Ubi Banca - Gruppo Intesa Sanpaolo in a financing for an amount of Euro 15,600,000.00, for the construction of nursing homes for elderly people in Parco delle Cave in Brescia, ...

 

bordering an artificial lake.
Zaffiro Costruzioni S.r.l. is held by Gruppo Zaffiro, which in its turn is part of the Mittel Group. The asset will be formed by 3 blocks of 3 floors each, connected among themselves, of which the central one destined to host the common services and two side blocks destined to host an overall amount of 300 beds.
Giulio Tognazzi (in the picture), partner, has lead the team of Caiazzo Donnini Pappalardo & Associati, with the associates Marta Mastroeni and Gabriella Pia del Gaudio.

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Caiazzo Donnini Pappalardo & Associates together with a pool of banks in a syndicated contract of 60 million to HB Trading

Caiazzo Donnini Pappalardo & Associates has assisted a pool of banks formed by BNL Gruppo BNP Paribas, which also acted as Arranger and Agent, Crédit Agricole Italia, Banco di Sardegna, Banca del Mezzogiorno – Mediocredito Centrale, Banco BPM and UBI Banca in the drafting and negotiation of a structured credit granting transaction for Euro 60,000,000.00 in favour of HB Trading, an Italian company, active in the gas and electricity sectors.

The contract is structured in three facilities: of which two loan facilities in Euro and one credit facility multicurrency (Euro and USD).
Giulio Tognazzi (in the picture), partner, has lead the team of Caiazzo Donnini Pappalardo & Associati, with the associates Marta Mastroeni and Gabriella Pia del Gaudio, while HB Trading has been assisted by the in-house lawyer Elisa Natale.

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Tax Alert: Private Equity funds - Tax exemption on Italian dividends and capital gains earned by EU UCITS/AIF

Art. 1, Paragraphs 631-633 of Law N0. 178 of 30th December 2020 (published on the Official Gazette of 30th December 2020) the "2021 Budget Law" equates the tax exempt treatment of dividends and capital gains currently applicable to Italian mutual funds to the tax regime applicable to Undertakings for Collective Investment in Transferable Securities (UCITS) and qualified AIF established in a EU Member State (or in States signing the Agreement on the European Economic Area (EEA) that grant an adequate exchange of information)

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Caiazzo Donnini Pappalardo & Associates together with BNL Gruppo BNP Paribas, UniCredit, Banco BPM and BPER Banca in a facility to Optima Italia S.p.A. assisted by Studio Pedersoli

Caiazzo Donnini Pappalardo & Associates and Studio Pedersoli have assisted, respectively, a pool of banks and investors formed by BNL Gruppo BNP Paribas (also acting as Agent), UniCredit, Banco BPM e BPER Banca, as Arranger and Lenders and Optima Italia S.p.A.,

active with a unique platform offering services in the energy, telecommunications and insurance sectors in one single and bundling package.
Giulio Tognazzi (in the picture), partner, has lead the team of Caiazzo Donnini Pappalardo & Associati, with the associates Marta Mastroeni and Gabriella Pia del Gaudio, while partner Consuelo Citterio and the Associate Caterina Gatto acted for Studio Pedersoli.
Essentia Advisory, with Alberto Arrotta and Simona Collica, acted as debt advisor for Optima Italia.

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Tax Alert: Foreign Financial Assets - FY 2017

A recent Measure of the Revenue Agency invites taxpayers who have held foreign financial assets in the 2017 tax period and who have omitted or incorrectly indicated these activities in the tax return, to check the tax drawer in order to regularize their position so as not to incur increased penalties.

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Rino Caiazzo included in the fifth annual Global Business Edition

published on October 2, 2020.

The publication highlights more than 40,000 lawyers recognized by Best Lawyers for their top legal talent from 28 countries worldwide.

Learn more about the Global Business Edition and read the complete issue at https://www.bestlawyers.com/article/2020-global-business-edition/3146

Best Lawyers - Global Business, 14 October 2020

Responsabilità penale delle società: estensione ai reati tributari in materia di IVA e “confisca per equivalente”

Il D.Lgs. No. 75 del 14 Luglio 2020 ha recepito la direttiva UE 2017/1371 (PIF) (che prevede misure contro le frodi che ledono gli interessi finanziari dell’Unione) ed ha esteso ad alcuni reati tributari in materia di IVA (infedele dichiarazione, omessa dichiarazione ed indebita compensazione di crediti Iva) eccedenti la soglia di € 10 ML, la responsabilità amministrativa degli enti ex D.Lgs. 231/2001 (già introdotta per altri reati tributari, a far data dal 25 dicembre 2019 dal D.L. No. 124/2019). Si rammenta inoltre che detto DL 124 ha introdotto una nuova misura di sicurezza a carico della persona fisica autore del reato che è oggi esposta al rischio di "confisca per sproporzione" del proprio patrimonio di cui non giustifichi l’origine economica.

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Edoardo De Carlo and Silvana De Lauretis assisted Falck Next S.r.l. (Falck Renewables group) with the acquisition of a going concern related to a solar power plant from Bryo S.p.A.

Caiazzo Donnini Pappalardo, with the counsel Edoardo De Carlo and associate Silvana De Lauretis, assisted Falck Next S.r.l. (Falck Renewables group) with the acquisition of a going concern related to a solar power plant from Bryo S.p.A.
Senior legal counsel Marco Lenzetti lead Falck Next in-house team.

 

 

 

 

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Francesco Bonichi joins Caiazzo Donnini Pappalardo & Associati as a tax partner

Caiazzo, Donnini, Pappalardo & Associati (CDP) is pleased to announce that Francesco Bonichi, who will be based in the Rome office, is joining the legal team as tax partner.
With more than 25 years of experience in the field, Mr. Bonichi joins CDP from Studio  Legale Tributario part of EY network, where he was a partner of the tax department in Rome.
 

Before that, for more than 12 years, he has been partner and responsible of tax department of Allen & Overy Rome office; he also worked in the tax and legal department of ExxonMobil in Italy and abroard.
Over the course of his career, Mr. Bonichi advised numerous domestic and international clients with respect to international tax structuring and has participated in complex and innovative M&A and IPO transactions; he is a recognised tax expert in banking, asset financing, structured finance and international capital market products. Furthermore, over the last years he assisted large corporate and banking clients in tax litigations and clients in the private banking and wealth managing sector.
Mr. Bonichi is considered one of the leading lawyers specialized in tax law in Italy according to several Italian and international legal directories.
Roberto Donnini, one of CDP founders, said: “Francesco professional experience fits well with our strategy to grow always looking at prominent practitioners but preserving our style and culture. The tax practice was a specialization we were looking for and that will boost the offer of our legal assistance to our clients”.
Mr. Bonichi added: “I am proud to join CDP, one of the most reputable boutique law firms in Italy, where in addition to a team, with which I worked with for many years at Allen & Overy, I met prominent practitioners coming from the major domestic and international law firms. Sharing the same style, culture and values of excellence for the benefit of our clients is the best reward I could aspire to.”

• Legal 500 2019 mentioned Francesco Bonichi in Band 4 as tax partner of EY Studio Legale Tributario https://www.legal500.com/c/italy/tax/?edition=europe-middle-east-africa/2019-edition#

• Top Legal 2020, ranked Francesco Bonichi in band 4, within Tax Finance area https://www.toplegal.it/centrostudi/professionista/320/francesco-bonichi

• Legal community Tax Report 2019 mentioned Francesco Bonichi within the category “The Best in Italy”, Band B+

https://legalcommunity.it/wp-content/uploads/2019/05/LC_TaxReport2019_LCsrl_3.pdf

 


 

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La nuova comunicazione dell’AGCM sugli accordi di cooperazione nel contesto dell’emergenza da Covid-19

Con comunicazione pubblicata il 24 aprile 2020 (la “Comunicazione”) l’AGCM ha fornito alcune indicazioni sulla valutazione di eventuali forme di cooperazione tra imprese volte a favorire la produzione e la distribuzione di beni e servizi essenziali nel contesto dell’attuale epidemia da Covid-19. La Comunicazione si rivolge, in particolare, al settore sanitario, nonché a quello agro-alimentare, nei quali potrebbe sorgere la necessità per le imprese di attuare iniziative di cooperazione al fine di ovviare a problemi di approvvigionamento ovvero trasporto e distribuzione di materie prime e beni (es. farmaci o dispositivi medici) potenzialmente afflitti da problemi di scarsità.

In linea con la comunicazione della Commissione europea dell’8 aprile 2020 , l’AGCM riconosce così l’esigenza di adattare la propria valutazione su determinate forme di cooperazione tra imprese – che, in ragione del tipo di informazioni scambiate o delle forme di coordinamento attuate, potrebbero, in taluni casi, presentare criticità sotto il profilo antitrust - alla luce dell’eccezionalità dell’attuale contesto sanitario e socio-economico.
Al fine di agevolare le imprese nel processo di auto-valutazione di tali accordi, l’AGCM ha, quindi, deciso di approntare un indirizzo di posta elettronica dedicato (accordi-cooperazione-COVID@agcm.it), mediante il quale imprese e associazioni di categoria possono contattare l’Autorità, al fine di ottenere indicazioni informali su specifici progetti di cooperazione: in casi eccezionali, individuati in via discrezionale dalla stessa Autorità, tali indicazioni potranno assumere la forma di vere e proprie comfort letter sulla valutazione dell’iniziativa notificata ai sensi della legge nazionale antitrust (L.n.287/1990).
La Comunicazione riveste particolare importanza, atteso che riprende parzialmente (sebbene nei limiti di mere comfort letter, adottabili in tutta discrezionalità, come detto, dall’AGCM) la ratio della procedura di autorizzazione in deroga di intese restrittive (art. 4 c. 1 della legge nazionale antitrust), ormai abbandonata in favore della completa auto-valutazione da parte delle imprese. 
Il testo della Comunicazione, attualmente valida e operativa fino a successiva comunicazione, è disponibile al seguente link https://www.agcm.it/media/dettaglio-notizia?id=92214ce5-288d-4088-9a8e-45acc241c9d8

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