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FATTO

Further comment has appeared on the England and Wales Family Court's decision to pierce the corporate veil in the financial remedy case of Akhmedova v Akhmedov (2018 EWFC 23 Fam). The judge considered it necessary to go against the long-standing legal principle, in response to Farkhad Akhmedov's 'continuing campaign to defeat his ex-wife by concealing his assets in a web of offshore companies', and issued orders to aid her enforcement of the judgment in the Isle of Man and Dubai FATTO

ESTATE DISPUTES: Some important judgments from last month

Currency repatriation requirements were extended on 14 April to cover loans issued by Russian residents to foreign borrowers, reducing the opportunities for businesses to shift funds abroad through non-repayable loans.

INTERNATIONAL - SPAIN: Foreign nationals can sue government over inheritance tax discrimination, following Supreme Court ruling

INTERNATIONAL - FRANCE: Wealth property tax has significant effects for non-residents

The Japanese government's 2018 tax reform bill abolishes the recently introduced rule under which the heirs of a long-term resident foreigner who died outside Japan remain liable to Japanese inheritance tax (IHT) on estate assets anywhere in the world. The rule had threatened to derail the government's efforts to attract foreign talent to live and work in Japan, because it meant IHT liability could follow a foreign national for up to five years after leaving the country.

INTERNATIONAL - ISRAEL: Tax authority launches new voluntary disclosure programme

INTERNATIONAL - UK: Alarm over extension of property taxes to non-residents

IMPOSTA DI SUCCESSIONE E DONAZIONE - SPAIN: Andalusia increases inheritance tax exemption

EUROPE: Commission publishes argument against UK's CFC exemption

INTERNATIONAL - AUSTRALIA: Foreign investors to pay annual charge on vacant properties

GERMANY: Expat businessman challenges exit tax for move to Switzerland

INTERNATIONAL - FRANCE: Distribution tax refunds to be financed by new 'exceptional' corporation tax

INTERNATIONAL - JERSEY: Apple says relocation of Irish subsidiary does not reduce its tax liabilities

MUTUI - La Guida di Banca d'Italia al mutuo ipotecario in lingua inglese

INTERNATIONAL - UK, TRUSTS: online trusts register is delayed

VAT - Transfer of ownership of land in settlement of tax arrears

INTERNATIONAL - EU: Court of Justice rules on dynamic IP addresses

AUSTRALIA: New tax on foreign owners of unoccupied homes

US: Trump proposes territorial tax system

INTERNATIONAL - UK: Doubts cast on non-dom reforms' commencement date

INTERNATIONAL - Cayman Islands: Beneficial ownership regime ready for launch

INTERNATIONAL - European Union: Taxation at source must take into account non-resident taxpayer's domestic costs

SOCIETA' - Corporate Governance

New Zealand to enact tighter foreign trust disclosure rules

INTERNATIONAL - Canadian notary must reimburse buyer stuck with non-resident seller's CGT bill

The following are examples of what needs to be included in a proposal for sale or purchase and in a preliminary contract: - the precise description of the asset or assets; - the exact identification of the owner or owners and of the purchaser or purchasers; - the obligations of the vendor and of the purchaser; - the price of the sale and method of payment; - the conditions of the conveyance and relevant guarantees; - documentation of the history of the asset or assets; -

Notaries have as their essential mission to confer authenticity on the legal instruments and contracts they establish for their clients in various areas of law

Ai sensi del punto 3.2 della DGR VIII/8745, sono escluse dall'applicazione del provvedimento regionale le seguenti categorie di edifici e di impianti: a) gli immobili ricadenti nell’ambito della disciplina della parte seconda e dell’articolo 136, comma 1, lettere b) e c) del Decreto legislativo 22 gennaio 2004, n. 42, recante il codice dei beni culturali e del paesaggio e gli immobili che, secondo le norme dello strumento urbanistico, devono essere sottoposti a solo restauro e risanamento conser

La Corte Costituzionale ha il compito di far rispettare il divieto di svolgere referendum abrogativi su leggi in materia di tributi e bilancio, amnistia e indulto, di autorizzazione alla ratifica dei trattati internazionali (art. 75 Cost.).

Le competenze della Corte Costituzionale (art. 134 Cost.) sono numerose. Essa giudica in particolare su: - le controversie relative alla legittimità costituzionale delle leggi e degli atti aventi forza di legge dello Stato e delle Regioni (Giudizio sulla costituzionalità delle leggi); - i conflitti costituzionali di attribuzione tra i poteri dello Stato, su quelli tra Stato e Regioni e tra Regioni (Giudizio sui conflitti di attribuzione o di competenza); - le accuse promosse contro il Presid

I poteri del Presidente della Repubblica sono numerosi e eterogenei (artt.87, 88 e 74 Cost.) e possono essere suddivisi in: a) poteri di garanzia• nei confronti delle Camere; • nei confronti del Governo; • nei confronti della Magistratura; • nei confronti dell’elettorato;b) poteri di rappresentanza nazionale; c) poteri di esternazione.Relativamente ai poteri di garanzia nei confronti delle Camere al Presidente spetta di: - sciogliere una o entrambe le Camere (art. 88 Cost.) per indire nuove

Le leggi costituzionali sono leggi di pari rango rispetto alla Costituzione e servono per modificarla (leggi di revisione costituzionale) o per integrarla (leggi costituzionali). Indipendentemente dal loro obiettivo le leggi costituzionali sono approvate dal Parlamento con il c.d. procedimento aggravato, un sistema di votazione che richiede maggioranze più ampie di quelle necessarie per l’approvazione delle leggi ordinarie e una doppia approvazione da parte di ciascuna delle due Camere che d

L’articolo 1 della Costituzione afferma che l’Italia è una Repubblica democratica e che la sovranità appartiene al popolo. La parola democrazia deriva dal greco demos e crato e vuol dire che il comando è in mano al popolo. Sono i cittadini che hanno la sovranità e che scelgono nelle forme (ad es. elezioni o referendum) e secondo le modalità previste i loro rappresentanti politici ovvero coloro che per un certo numero di anni governeranno il Paese. Vivere in uno Stato democratico è importante

Oltre al referendum costituzionale infatti la Costituzione prevede anche il referendum abrogativo (art. 75 Cost.) con il quale si può eliminare una legge attuando la cosiddetta “democrazia diretta”.L’art. 75 stabilisce i limiti al referendum abrogativo: non possono costituire oggetto di referendum abrogativo le leggi in materia di:- amnistia e indulto; - tributi; - bilancio dello Stato; - trattati internazionali. Il referendum abrogativo può essere richiesto da cinquecentomila elettori,

L’abrogazione si ha quando una legge viene sostituita in tutto o in parte da un'altra legge (o atto avente forza di legge) successiva che interviene a disciplinare la materia con disposizioni nuove. In base alla modalità con cui viene attuata, l'abrogazione può essere: - espressa, quando la legge successiva dichiara espressamente che quella precedente è abrogata; - tacita, quando la legge successiva interviene nella stessa materia con norme incompatibili rispetto a quelle contenute nella leg

Le coût de l’acte authentique comprend aussi bien les honoraires et les émoluments pour l’activité professionnelle du notaire que le montant des impôts, des taxes et des débours dus pour l’acte notarié et pour les opérations que le notaire doit accomplir aux termes de la loi avant et après la stipulation de l’acte notarié. Les impôts dus pour l’acte peuvent atteindre un chiffre élevé, et le notaire est tenu à les payer, même s’il n’a pas reçu le montant correspondant. La loi prévoit do

The rate of interest is usually set in percentage terms; it may be fixed, which means it is the same for the whole duration of the loan, or variable, which means it is determined with reference to changing parameters that are set by objective, impartial criteria. For example, Euribor is an average quotation for variable rates calculated using objective criteria in the EU financial markets; while I.R.S. (interest instalments swap) is the financial reference parameter for establishing the cost

One of the essential elements in the negotiation of a home loan is the delay allowed for  repayment of the capital, i.e. the duration. In general terms, one may say that the longer the duration of a home loan the lower the amount of each repayment instalment, which gives the borrower more breathing space; all this, however, means paying overall a larger amount in  interest, precisely because the capital is repaid more slowly. The practice also is that a longer duration

The new law that is discussed below, and in particular the duty to take out a surety bond, applies to all types of real estate negotiations and hence it applies to purchases, exchanges, divisions, allotments by cooperative companies …, also and in particular to all forms of agreement that are made before the purchase and actual delivery of the property, such as preliminary agreements, promises to sell, leasing contracts, unilateral promises, advance payments, …. (article 1, paragraph 1, lett

Home loans are generally guaranteed by a mortgage and so are the preserve, in our legal system, of the notary. The presence of the notarial profession has become more significant with the recent increase in the number of such contracts, a result of the lower cost of money (though this is still subject to fluctuations) and improvements in living standards that allow an ever greater number of citizens to aspire to the ownership of their home and often of a second home as well. Year after ye

When someone dies it is advisable to immediately obtain information on the transfer of the succession, that is, it has to be ascertained whether the succession – in the case in point – will be regulated by the law (since the deceased person has not left a will) or else, wholly or in part, by a will.Death is a grave and important event, on the basis of which different provisions of the law may take effect, besides the will of the deceased;  in order to avoid even important unforeseen consequences

If the parties wish to set up an general partnership, they must respect the specific rules laid down in this regard by the Civil Code, bearing in mind, in any case that, for many aspects, the law refers the reader to the provisions regulating informal partnerships, which consequently apply equally to general partnerships. So that, in the light the foregoing, the present file foresees multiple referrals to the subjects already dealt with and developed with regard to the informal partners

The Consiglio Nazionale del Notariato (C.N.N.) is the professional order of notaries. It is made up of 20 notaries directly elected by all practising notaries in three-yearly elections. There is a limit of two consecutive mandates. The three members of the Audit Committee are elected according to the same procedure.The 20 elected councillors, after they are installed in office, nominate a President, a Vice President, a Secretary and an Executive Committee. The tasks of the Consiglio Na

The “formal” lodging of a deed with a notary, whether required by law (Article 33 of Presidential Decree 445/2000; Article 106 of the Notary Law) or requested by an individual, is intended first of all to impose a control on the legitimacy of the document lodged (i.e. a check that its contents do not contravene mandatory legal rules) and also to ensure its conservation over time.Checks on the contents of foreign documents, however, must be made with reference to so-called international public or

- Si un conjoint veut vendre un bien immobilier, il faudra s’assurer si le consentement de l’autre conjoint est requis ou non (voir "Cas particuliers"); - si une personne mineure ou interdite est propriétaire d’un bien, l’autorisation à la vente prononcée par un juge est nécessaire, de même que l’intervention de son tuteur ou du parent ou du représentant légal; ces mêmes conditions valent pour les acquisitions effectuées par eux; - si le bien constituant l’héritage est en communauté en

In general the rules for limited partnerships (s.a.s.) are the same as those laid down for informal partnerships (please refer to the related paragraph). However, the death of a limited partner does not end the partnership because, as said above, in case of death, the partner’s shares are transferred to the heirs, unless otherwise provided for in the Memorandum of Association.

If the parties wish to join forces by setting up a partnership, they can do this also by setting up a limited partnership (hereafter referred to as an s.a.s.).In general, the s.a.s. is governed by rules that govern the general partnership (for which in turn, reference is made to the rules laid down for informal partnerships), except for the specific provisions which will be examined below.Such a partnership is characterised by the presence of two categories of partners:- unlimited partners,

The limited liability company is intended for smaller companies than joint-stock companies, and the equity participation in the company has a personal connotation which is absent in the s.p.a.  In fact, it has a limited number of shareholders who are not personally responsible for the social security liabilities, even if they have acted in the name and on behalf of the company.The legislation in place as of 1 January 2004 has had a major impact on the limited liability company, which is an e

Dissolution of general partnerships is determined by the causes already mentioned and described with reference to informal partnership,  to which the reader is explicitly referred.However, other specific causes of dissolution of the s.n.c. are the latter’s bankruptcy, and a provision by a government authority laying down the compulsory administrative winding up of the partnership.

The rules applying to limited partnerships are in many ways similar to those that govern informal  partnerships (please refer to the related paragraph).However in limited partnerships, only the unlimited partners can be directors and legal representatives of the company.

In early 2003 the Italian legislator issued a law decree (n° 6 of 17 January 2003) which thoroughly reformed companies limited by shares.  The declared aim was to simplify, where appropriate, and enrich, wherever possible, the rules governing such companies, with a view to increasing their competitiveness on both domestic and international markets.Many changes were made and the following results have been achieved:  a better, though still not complete, co-ordination between the rules governi

The Memorandum of Association must indicate the names of the unlimited partners. For all other aspects refer to the joint-stock company (please refer to the related paragraph).

In general, the winding up and liquidation of an s.a.s. is governed by the rules set forth for general partnerships, to which the reader is referred (please refer to the related paragraph).However, besides the causes of dissolution that are the same for an s.n.c., there is another cause that is exclusive of the s.a.s., namely when there is only one category of partners left.In fact, it is envisaged that the s.a.s. is to be dissolved when only limited partners or only unlimited partners remai

It has already been said that the unlimited partners are by right members of the management body of the company (directors or management board in the ordinary and in the two-tier system respectively).For all other aspects, please refer to the joint-stock companies (please refer to the related paragraph).

The rules applying to limited partnerships are similar in many respects to those that apply to informal partnerships (please refer to the related paragraph).In addition, as regards subjective changes arising from the transfer of a partner’s capital share, a distinction needs to be made between the unlimited partner’s share and that of the limited partner.If one of the unlimited partners decides to transfer his/her capital share he may undoubtedly do so through a conveyance deed; however, unl

From the historic and regulatory point of view, the joint-stock company is the prototype of the company with share capital whose body of rules apply to the limited partnerships with share capital (s.a.p.a.), with which it is compatible, and in some respects they are very close to the rules that govern the limited liability company, which however makes little reference to the rules on joint-stock companies, which consequently do not directly apply. The joint-stock company (s.p.a.) differs fro

Limited partnerships with share capital is a modified form of a company with share capital in which permanent directors manage the company who have unlimited liability, also contingent liability, for  social security liabilities. The provisions that are specific for this type of company are reduced to a few which concern above all the management of the company by the unlimited partners.    The peculiar characteristic of this type of company consists in the co-existence of two different group

La société en commandite par actions est une société par actions modifiée dans laquelle le pouvoir de gestion appartient aux administrateurs permanents qui assument en contrepartie de leur position dominante une responsabilité illimitée, encore que subsidiaire, des dettes sociales. La réglementation particulière de ce type de sociétés se réduit à quelques normes qui traitent surtout de l'administration de la société par les commandités.Ce qui distingue ce type de société, c’est la coexistence de

The rules governing general partnerships are similar in many respect to those laid down for informal partnerships (please refer to the related paragraph).

The dissolution and liquidation of an s.a.p.a. is governed in general by the rules put forth for companies with share capital and joint-stock companies, to which the reader is referred (please refer to the related paragraph).Besides the ordinary reasons for winding up a company with share capital, there is an additional reason which holds only for limited partnerships with share capital, i.e. the case in which all the unlimited partners step down from office and they are not replaced within

Special rules are laid down for the appointment and revocation of auditors and of the members of the supervisory board and, for the s.a.p.a. that are listed or subject to compulsory auditing, there are special rules for assigning or revoking the assignment to an audit firm.For all other aspects, please refer to the joint-stock companies (please refer to the related paragraph).

The rules governing general partnerships are similar from many points of view to those laid down for informal partnerships (please refer to the related paragraph)

In particular, it is pointed out that there are different rules as compared with the s.p.a. for the adoption of certain decisions (amendments to the Memorandum of Association, revocation and replacement of directors, appointment and revocation of the members of the supervision board). Hence the need to seek the advice of a notary public.For all other aspects, please refer to the joint-stock companies (please refer to the related paragraph).

Amendments to the Memorandum of Association must be approved not only by the extraordinary meeting but also by all the unlimited partners. The advice of the notary public may be useful in deciding on issues related to this mode of approval. For all other aspects, please refer to the joint-stock companies (please refer to the related paragraph).

Once upon a time it was enough to say that a foreigner was someone who was not an Italian citizen. This definition – to be clear – is still valid. Except that Article 17 of the EC Treaty institutes a citizenship of the European Union which is attributed to anyone who is a citizen of a Member State. Belonging to the European Union brings with it various consequences, some of which are very important, like the prohibition on

Il fut un temps où étaient étrangers tous ceux qui n’étaient pas des citoyens italiens. Soyons clairs, cette définition est toujours valable. Sauf que l’article 17 du Traité de la CE a introduit la citoyenneté de l’Union Européenne, attribuée à tous ceux qui sont les ressortissants d’un État membre. Être citoyen de l’Union Européenne a différents effets, dont certains de grande portée, comme l’interdiction de discriminations sur la base de la nationalité et le principe de la primauté du d

Co-operatives are associations of persons which are protected in the Italian Constitution:  in fact Article 45 of the Italian Constitution states: “the Constitution recognises the social function of co-operative societies that are based on the values of solidarity and that do not pursue goals of private profit”.In co-operatives predominant importance is ascribed to the social function, which consists in implementing a democratic decentralisation of the power of organisation and management of

Les sociétés coopératives sont des organismes protégés par la Constitution: l’article 45 de la Constitution dit en effet que "la constitution reconnaît la fonction sociale de la coopération à caractère mutualiste et sans but de spéculation privée".Dans les coopératives c’est la fonction sociale qui joue un rôle prédominant, puisqu’elle veut réaliser une décentralisation démocratique du pouvoir d’organisation et de gestion de la production et, par la même occasion, une diffusion majeure et plus é

The rules governing general partnerships are in may respects similar to those laid down for informal partnerships (please refer to the related paragraph).

The rules governing the general partnership are similar from many points of view to those laid down for informal partnerships (please refer to the related paragraph).

In  share capital companies the financial autonomy is perfect in that the shareholders are accountable for the debts of the company only in proportion to the share they hold.This means:- that the personal creditors of a shareholder can never receive payment from the company;- that creditors of the company, in turn, can never expect the members to use their personal assets to pay for the company’s debts.The financial circumstances of the shareholder of a company with share capital will never

The relationship between a partner and the company ends automatically when the partner dies. Within six months from his death, the surviving partners have the duty of returning the share held by the dead partner to his heirs. The surviving partners are not obliged to accept that the heirs of the deceased member should succeed him by taking his place in the company.The surviving partners have two options they can choose from. They may either decide:- to wind up the company in advance;- to car

Si un associé meurt, cela provoque automatiquement la dissolution du rapport entre cet associé et la société, avec l’obligation qui s’en suit pour les associés survivants de liquider la part sociale de l’associé défunt à ses héritiers dans un délai de six mois. Les associés survivants ne sont donc pas tenus à subir l’entrée dans la société des héritiers du défunt.Deux autres possibilités s’offrent néanmoins aux associés survivants:- ils peuvent décider la dissolution anticipée de la société;- il