Malerba & Partners

Article 30 regulates the new terms for the revaluation of the assets in question, even if the facilitative measure is certainly not new: the institution of revaluation was born with law 448/2001 and has been proposed several times by the legislator in the last twenty years (in 2021 the terms were even reopened twice). For this reason, in the face of public expectation of yet another renewal, its lack in the 2022 Budget Law, given the continuous reopenings, had prohibited both possible beneficiaries and professionals.

There is, however, some innovation that the renewal brings with it, for example the increase of three percentage points in the rate (from 11% to 14%) as well as a limitation of the shareholdings subject to the maneuver, which will be able to benefit from the redetermination only if owned since 01/01/2022. In short, those who do not demonstrate the requirement of possession of unlisted shareholdings as of 12/31/2021 and those who have come into possession of the shareholdings through means other than purchase and sale, for example through succession or donation, cannot benefit from the institution in question.

Persons and assets
Further innovation that the
simple companies and entities equivalent to them pursuant to art. 5 of the Presidential Decree of 1986, n. 917;
non-resident entities, and also not referable to permanent establishments (taking due account of conventions regarding double taxation);
natural persons for operations inherent to the ordinary exercise of business activity.
However, holders of business income are excluded from the relief measure.
As regards, however, the assets subject to revaluation, they are distinguished in qualified and non-qualified shareholdings and land (whether agricultural or building). In addition to these three categories of assets, shareholdings registered in the name of trust companies are added, provided that the trustor is already among the beneficiaries listed above.
With regards to assets, an in-depth analysis of revaluable shareholdings (necessarily unlisted) is interesting, which can be identifiable by:
shareholdings made up of shares;
shareholdings in the assets of companies not represented by shareholdings, such as shares in limited liability companies or shareholdings in partnerships;
securities or rights through which it is possible to obtain the aforementioned shareholdings, including option rights and convertible bonds.
Revaluation phases
The procedure consists of two phases, necessarily consecutive and distinct.
The first step is the drafting of a sworn appraisal estimating the value of the shareholding or land; the appraisal must be produced by an accredited professional (for example an engineer for land or a chartered accountant and/or auditor for shareholdings).
Subsequently, the beneficiary must pay the substitute tax, equal to 14% of the value resulting from the sworn appraisal previously obtained. The percentage is unique both for the redetermination of land and for the revaluation of shareholdings.
For the payment, whose new deadline is 11/15/2022, it is possible to opt either for the single payment or for the installment payment in three phases (taking care to pay the first installment by 11/15/2022, while the two subsequent installments will expire on the same date in the years 2023 and 2024); the code to use is always the tax code 8055.
In case of omitted or insufficient payment, in any case, you can take advantage, pursuant to art. 13 of Legislative Decree of 1993, n. 472, of voluntary repentance, provided that the irregularity has not already been ascertained.
Finally, as regards the convenience of the institution, this must be analyzed and weighed according to the cases that come into consideration. In general, it is good practice to compare the total due in the case of ordinary taxation on the capital gain and the total amount of the substitute tax resulting from the redetermination.

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