The new window for accounting revaluation, opened by the 2015 Stability Law, is specifically about the unlisted company shareholdings, qualified or not, and the agricultural, parceled and building land, owned on January 1^st, 2015.

So, the direct beneficiaries of this opportunity are (i) individuals who hold land and shareholdings outside the corporate regime, (ii) partnerships and equivalent entities, (iii) non-commercial entities, with respect to those assets which do not fall in the exercise of commercial activities, and (iv) non-residents whose capital gains are taxable in Italy. They will have to report the data of the deliverance in the Unico for the year of completion and will have to retain the relative documents.

 

The deadline however is very close: the drafting and the asseveration of the professional estimate plus the payment of the relevant substitute tax must be made up to June 30^th.

It is time for the taxpayers to verify the possibility of joining the deliverance and to in any case to evaluate the convenience of the same, also considering that the cost is doubled compared to previous versions. The applicable rates, in fact, are 8% instead of 4% for land and qualifying shareholdings, and of 4% instead of 2% for the non-qualified ones.

 

The payment of the substitute tax can be mad not only in a single installment, but also in three annual installments of equal amount with interest of 3% per annum on the two installments after the first (expiring on June 30, 2016 and June 30, 2017).

The deliverance will also cover those assets previously revalued as a result of previous concessionary norms; for these assets will be possible to deduct from the amount due what has been previously paid, or to request the refund of the substitute tax already paid within 48 months from the date of the single installment or of the first of the three installments.

It is also allowed the downward deliverance of an asset already reassessed in order to adapt it to the lower market value: in this case, except for write-downs equal to or greater than 50%, the taxpayers will have to integrate the already paid substitute tax.

 

The subjects entitled to the drafting of the professional estimate concerning the company shareholdings are those who are registered as accountants and accounting experts as well as those who are on the list of statutory auditors, meanwhile for the drafting of the professional estimate concerning the land are entitled the members of the registers of engineers, architects, surveyors, agronomists, agro-technicians, land surveyors and industrial experts. Instead the experts enrolled in the Chambers of Commerce are entitled to drafting the estimate for both shareholdings and land.