Amendments to the ACE regulations - 2
Despite over the years the original legislation of ACE (Aid to economic growth), introduced by Law Decree no. 201 of 6 December 2011, has been amended several times
[1], only in the last year has the legislator intervened significantly reforming it. First of all, the changes made by Law no. 232 of 11 December 2016, better known as the “2017 Budget Law”, whose changes concern the following aspects
[2]:
- changes to the return on equity ratio;
- elimination of the preferential regime for newly listed companies;
- reduction of the ACE basis for increases in the stock of securities and transferable securities;
- equalization of the calculation methods for individual entrepreneurs and partnerships in ordinary accounting;
- limitations for the carry-over of ACE surpluses in the context of extraordinary transactions;
- obligation to recalculate the 2017 IRES advances.
Subsequently, the DL n. 50/2017 (so-called "Corrective maneuver") then provided for further amendments to the ACE regulations. In the original version of the decree, the significance of only the net increases in shareholders' equity recorded in the last 5 years (with effect from 1 January 2017) was envisaged. In the version converted into law, however, this provision has been eliminated, but, as a compensatory measure, a further reduction in the remuneration coefficient has been envisaged, as will be explained further on. Lastly, the Ministerial Decree of 3 August 2017, published in the Official Gazette no. 187 of 11 August 2017, by repealing the previous Ministerial Decree of 14 March 2012, it profoundly revised the implementing provisions of the ACE, with particular reference to the determination of the tax base. The amendments to the ACE regulations made by the aforementioned Ministerial Decree, as well as by the corrective maneuver will be analyzed here.
Newsletter no. 9/2017
