It is necessary to specify that the derogating principle that we will talk about is not an absolute novelty but had already been introduced by legislative decree no. 104 of 08/14/2020, converted with law 10/13/2020 number 126, in paragraph 7-bis of article 60. The Decree, renamed the "August Decree", provided for a benefit for businesses or the possibility of suspend up to 100% depreciation for all fixed assets (tangible and intangible) relating to the 2020 financial statements.
Given the evolution of the health emergency and the resulting difficult economic situation, however, the legislator had decided to extend the measure for the entire following financial year, inserting it in the 2022 Budget Law. For the 2021 budgets, therefore, the possibility of suspending depreciation remained unchanged, provided, however, that the recipients of the measure had not, in the previous administrative period, recognized 100% of the depreciation based on the annual cost of the fixed assets considered. In this way the legislator has narrowed the scope of the beneficiaries of the extension, excluding some entrepreneurs previously covered by the rule.
This decision, imposed by the MEF, had a precise ratio: anyone who did not take advantage of the possibility of suspending depreciation by way of derogation in 2020 - the worst year in terms of both the health and economic crisis - would not have reasonable interest in taking advantage of it in 2021 and therefore should be excluded.
With the conversion of the Legislative Decree of 30 December 2021, n. 228, known as the "Milleproroghe Decree", however, the situation has changed.
The new regulation, decidedly focused on the Government's flexibility and willingness to support Italian companies in this moment of health and above all economic crisis, extends the derogatory extension to all subjects, overcoming the initial restriction of the sphere of application to subjects who had not carried out 100% of the annual depreciation in the 2020 financial year.
For the rest, the rules remain unchanged: the book value of the asset in the balance sheet remains unchanged and the depreciation quotas not recognized in the income statement are charged in the following financial year. On a substantial level, the amortization plan for tangible and intangible assets is subject to a forced extension of at least two years.
The obligation remains for companies to allocate the share of profits deriving from the failure to apply amortization to an unavailable reserve (as regulated by art. 60, c. 7-ter Legislative Decree 104/2020) and the indication in the explanatory notes, with adequate justification, of the influence of the exception on the representation of the equity, financial and economic situation of the company.
In conclusion, the decision of the Italian legislator has certainly provided greater flexibility to the national economic system in a delicate moment like the one we are currently going through, but the rationalization given by the MEF decision seems to have been lost further confusing the situation
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