Doing Business in Italy: A JD Supra Legal Reader

From lawyers and law firms on JD Supra, recent advisories on a range of legal considerations:

High Noon: The Italians try to play solo the Health Claims game (K&L Gates LLP):

“On November 27, 2009, the Italian Government notified a draft regulation on the use of substances other than vitamins and minerals in food supplements before the European Commission, pursuant to the procedure laid down in Article 19 of Directive 2000/13/EC1 on labelling, presentation and advertising of foodstuffs… [T]his draft … if adopted in its current version, could entail an important breakthrough, as it would make it compulsory to refer to certain health benefits in the labelling of food supplements.” Read on>>

New Italian Rules on Bonds for Italian Non-Listed Companies – Italy has taken significant steps to facilitate the issuance of corporate bonds (White & Case LLP):

“Italian non-listed companies have struggled to find efficient structures for corporate bond issuances. The Italian government has taken an important step to facilitate access to the corporate bond market for Italian companies which are not issuers of financial instruments on a Qualified Exchange by approving Law Decree no. 83 … on ‘Urgent Measures for Growth of the Country’.” Read on>>

The Recent Enhancements To The Italian Bankruptcy Law (Orrick, Herrington & Sutcliffe LLP):

“On 15 June 2012 the Italian Government enacted the legislative decree known as decreto sviluppo (the ‘Decree’) that, among others, includes provisions enhancing the restructuring proceedings under the Italian Bankruptcy Law. The purpose of this reform is to boost the restructuring and reorganization of stressed/distressed undertakings in order to better cope with the current financial crisis. To achieve this objective the Decree has leveraged on three main factors: flexibility of the process, reliability of the restructuring plan and fiscal appeal.” Read on>>

Italian Revenue Agency Provides Guidance on Mutual Agreement Procedures (McDermott Will & Emery):

“Italian tax authorities have become increasingly involved in mutual agreement procedures (MAPs) with foreign competent authorities in order to avoid double taxation, mostly as a result of an approach to transfer pricing audits that has become more aggressive in recent years. With a view to providing consistent guidance to the Tax Administration and taxpayers, on 5 June 2012 the Italian Revenue Agency released Circular no. 21/E which provides important clarifications of several outstanding issues, with particular reference to the interplay between MAPs and the remedies available for taxpayers under Italian legislation.” Read on>>

Technology Transfer Issues in Italian M&A (Marco Franzini):

“From the seller’s perspective, selling the business of an Italian company – including an assignment or licence of IP rights – is often unattractive from an Italian tax perspective when compared with a share sale, unless the Italian company has appropriate tax reliefs to shelter any taxable income/gain. The transfer of the business is not subject to Italian VAT. An assignment or licence of IP rights to a non-Italian buyer should not generally be subject to VAT.” Read on>>

Liberalizations Decree: Main Relevant Changes and Powers of the Italian Competition Authority (McDermott Will & Emery)

“[B]y 24 September 2012, the IP specialised sections of Italy’s Tribunals and appeal Courts (renamed ‘business specialilsed sections’) will have jurisdiction also over all claims for damages caused by national and EU antitrust infringements, as well as corporate and public procurement matters involving limited companies.” Read on>>

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