"NEWS May 3, 2016-2016 RW news"

Posted by on May 3, 2016



The painting RW 2016 from a graphical point of view looks basically the same as last year.

However, it should be reported a couple of significant innovations regarding the increase of the threshold by which accounts and foreign deposits are not monitored and simplification in case of factual dossiers foreign securities confirmed by circular 12/E/2016.

With regard to the first aspect, it recalls that article 4, paragraph 3, D.L. 167/1990 stipulates that no monitoring requirements for deposits and checking accounts established abroad whose total value reached during the tax period does not exceed 15000 euro. Is then raised to 15000 euros the previous roof of 10000 euros. As noted, for the purposes of the exemption, you have to refer to the peak reached in total from all deposits and checking accounts held abroad by the taxpayer: it is sufficient that such limit is exceeded even just one day of the year because snap declarative obligations for monitoring taxation. It is clear, therefore, how, for these purposes, no relief will assume the balance of the account (or accounts) at the end of the year, or the average annual inventory. The latter, in any case, must still be detected as it represents the benchmark for the purpose of fixed Ivafe, 34 euros which is due only if the annual average stock of all accounts and deposits held by the same intermediary exceed 5000 euro.

Basically, it could be the case of an account whose daily balance has never passed the 15000 euros, but whose average stock amounts to 6000 euros: in such a case the RW must be compiled for the purposes of Ivafe. It is clear, however, that failure to fill the RW has been proposed in a case such as this does not cause the imposition of penalties related to fiscal monitoring, it being due the only Ivafe and the associated interest and penalties.

Finally, it should be noted that the threshold of 15000 euros is circumscribed, as stated above, accounts and foreign deposits, not having any significance regarding the other types of investment and foreign financial assets ranging, therefore, monitored, in principle, though it amounted to a euro.

Among other financial activities, closely linked to foreign accounts, you are holding. In this regard, is the simplification of factual saying at the opening of intervention. In particular, during 2016 Tax and, most recently, in the subsequent circular 12/E/2016, par. 14.1, the tax authorities clarified that the monitoring of financial reports must be made as a unit as a whole.

You can specify the starting value and the ending value of detention of the economic report, not detecting any single variations in the composition of the latter. However, if in the economic report there are new capital contributions (cash deposit, transfer titles, etc.), these will result in a new declarative fulfillment. Therefore, in this situation, declarative obligations envisaged, though about the same economic report, will be twofold:

  1. you will have to indicate in a staff the starting value and the ending value immediately prior detention at the time of the contribution;
  2. in a new staff, then you will have to specify the starting value of the next possession at the time of the contribution and the final value.

To do so, and only with reference to the model Only 2016, as a transitional measure, the code to be used will be the 14 "other foreign assets of a financial nature" (while starting from single model 2017 was announced a specific code).

However, the same Revenue Agency points out that to allow the audit work remains, however, the burden on the taxpayer to establish and maintain a special brochure, to exhibit or transmit at the request of the tax authority, which specifies the data of individual financial assets valued in accordance with the criteria laid down in the circular 38/E/2013. That statement, however, empties into part of its purpose previously described, requiring factual simplification still a laborious detail prospectus which, however, does not appear to be necessary at a time when the economic report can be valued as a unit and that unit value is used for calculating any penalties by the tax authorities.

Stand still, on the other hand, the need to carry out the charging of any investment income, dividends and capital gains in particular, with the analytical method (based on the principle of LIFO) provided for in article 68 Tuir, as, according to the current regulatory environment, you can't be limited to tax as income any capital increment period of the report at the end of the year than the value at 01.01.