Microenterprises: enhanced referral by option

The simplification decree addressed the issues inherent in the application of the principle of reinforced derivation to which art. 83 TUIR a microenterprises who opt for the preparation of the financial statements in an ordinary manner. The change is certainly welcome, as it will avoid having to manage the determination of the tax base through a two-way street.

Microenterprises with oversimplified financial statements

In order to reduce the administrative burdens of small businesses, Legislative Decree no. 139/2015 introduced a super simplified budget for microenterprise category, or for companies that, in accordance with art. 2435-ter cc, in the first financial year or, subsequently, for two consecutive financial years, not having exceeded two of the following limits:

– Total assets on the balance sheet: 175,000 euros;

– revenue from sales and services: 350,000 euros; I

– workers employed on average during the year: 5 units.

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Micro-enterprises are exempt of the obligation to:

– preparation of the supplementary note (provided that the information required by the first paragraph of Article 2427, numbers 9 and 16 of the Italian Civil Code, regarding commitments, guarantees and relations with related parties, is at the end of the balance sheet);

– preparation of the financial statement;

– preparation of the management report (provided that the information required by paragraphs 3 and 4 of Article 2428 is at the end of the balance sheet);

– application of the provisions referred to in section 5 of art. 2423 cc (repeal of the application of the usual rules in exceptional cases);

– application of n. 11-BIS of section 1 of art. 2426 of the Italian Civil Code (which dictates the discipline of speculative and hedging derivatives), in the sense that these instruments may not be recognized in the financial statements, even optionally; I

– Valuation at amortized cost of accounts receivable, debts and debt securities.

Tax regime for micro-enterprises

The discipline we have just mentioned has also imposed some changes at the fiscal level: Legislative Decree 30 December 2016, n. 244 extended the scope of the principle of reinforced derivation – already in force for subjects who adopted international accounting standards – for all subjects with the exception of micro-enterprises, which, therefore, continued to apply the legal-formal approach of the TUIR.

The doctrine advanced numerous criticisms of this legislative option, emphasizing in the first place that holding companies located at the head of groups fell into the category of micro-enterprises, especially the so-called static ones, even very large ones.

Another criticism made against the new micro-enterprise regime was related to the obligation to adopt a double track (Civil lawtax) which certainly did not simplify administrative activity, as was the purpose of civil reform.

In other words, for the purposes of the determination of IRESsince the accounting approach was not relevant for tax purposes, micro-enterprises had to reconstruct the fiscally relevant off-balance sheet income components.

Based on the wording of Art. 83 TUIR, moreover, even if the micro-enterprise had abandoned the simplifications of the financial statements and opted for the preparation of the financial statements in the ordinary forms, it would still not have been able to access the principle of reinforced derivation. .

To avoid the management of this double track, the CNDCEC immediately suggested the modification of the fiscal discipline to allow the micro-enterprises that sought to prepare the financial statements in an abbreviated or ordinary way to apply, from a fiscal point of view, the principle of reinforced derivation. Finally, in this sense, the Assoholding circular no. 1/2022 (section 4.4).

Reinforced derivation by option

In view of the above-mentioned requests, the Simplifications Decree amended art. 83 TUIR excluding from the subjects to which the reinforced derivation applies only micro-enterprises that do not have opted for the preparation of ordinary financial statements.

This change, therefore, will allow companies to dimensionally fall into the category of microenterprises to which art. 2435-ter cc de opt for the preparation of financial statements in the ordinary way and therefore apply the reinforced derivation it is now available for subjects applying Italian and international accounting principles.

This alternative will allow you abandon the double civil-fiscal route with simplification I reduction of administrative burdens.

The amendment applies from the current tax period to the date of entry into force of the decree law; therefore subjects with tax period from July 1, 2021 to June 30, 2022 they could already apply the simplification to the budget that is about to close.

Finally, it is observed that art. 83, section 1, TUIR was completed with the following period:

“The temporary allocation criteria referred to in the previous year are also valid for tax purposes in respect of items recognized after the accounting error correction process. The provision referred to in the previous period does not apply. to the negative components of the income for which the deadline for submitting the supplementary declaration referred to in Article 2 (8) of Presidential Decree No. 322 has expired. “

Therefore, the principle of reinforced derivation is also applicable after the correction of accounting errorsbut within the limit of term scheduled for the presentation of the supplementary statement that is to say, within the term of the ascertaining action.

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