Italy Tax Agency Clarifies Revaluation, Realignment of Specific Business Assets

The Italian Revenue Agency March 1 issued Circular No. 6/2022, clarifying the revaluation and realignment of specific business assets. The measures include clarifications on the revaluation of: 1) specific legally protected and fully depreciable business assets, including intangible assets having an appreciable economic value; 2) intangible rights deriving from joining a food production consortium or using the commercial spaces obtained for free for food products; 3) portions of buildings resulting from a building split in 2021; 4) photovoltaic system plants; 5) assets under a debt restructuring agreement; 6) companies undergoing mergers; and 7) hotel and spa sector assets. [Italy, Revenue ...