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Francesco Pisciotta

Francesco Pisciotta serves as managing partner of the Firm’ s Italy offices and co-heads the tax practice of Baker McKenzie Italy. Francesco is a member of Baker McKenzie’s Europe and Global Tax Practice Group. He has been a member of the International Tax Commission of the Milan Association of Certified Accountants. Mr. Pisciotta is a certified auditor and a member of the Milan Tax Bar. He is regularly invited to speak on tax issues in various seminars and conferences.

In March 2021, the EU approved new reporting rules in a directive known as DAC7. The directive will require the operators of online platforms for the sale of goods and certain services, to collect, verify and share data on their sellers and their transactions concluded on the online platform. EU member states have until 31 December 2022 to implement DAC7 into national law. Certain platform operators will become a reporting platform and will need to start collecting and verifying data points in compliance with the DAC7 reporting requirements. The collected data points must be reported to the tax authorities of the relevant EU member state annually.

With provision no. 360494 of 23 November 2020 (Provision), the Italian Revenue Agency revises the structure and content of the transfer pricing documentation requirements for taxpayers who intend to benefit from the penalty protection regime (i.e., non-application of penalties for unfaithful tax return pursuant to article 1, paragraph 6, and article 2, paragraph 4-ter, of legislative decree 18 December 1997).

The new provisions replace the provisions of the director of the Italian Revenue Agency (2010/137654) of 29 September 2010 and are a clear sign of the alignment with the OECD standard.

The new rules will be effective from the current year (i.e., fiscal year 2020) and apply to: (i) companies resident in Italy that are part of a multinational group and that have conducted inter-company transactions with non-resident related parties; (ii) permanent establishments in Italy of non-resident companies; and (iii) resident companies in Italy with permanent establishments abroad that have opted for the so-called branch exemption regime (for transactions between the head office and the permanent establishment and between the latter and other group entities).