The Ministerial Order that approves the new Form 232 to declare tax – related transactions as well as those related to tax – haven jurisdictions has just been published.
We remind you that, for fiscal years starting prior to January 01, 2016, the obligation to report these transactions has been traditionally complied with in the annual Corporate income tax returns (Form 200). As from such date, it has been switched to a new model with the aim of simplifying the administrative burden deriving from the annual tax return compliance.
✔ The Ministerial Order (HFP / 816 / 2017) rules the obligation to report the following tax – related transactions:
- Those performed with the same tax – related person or entity, providing that the market value of the overall transactions exceeds 250,000.00 €.
- Specific transactions, providing that their overall value in the fiscal year exceeds 100,000.00 €, irrespective of the valuation method. Specific transactions are those not entitled to the simplified documentation, such as the transfer of a going concern or of real estate properties.
- Transactions of the same type and valuation method, providing that they jointly exceed 50% of the fiscal year turnover, irrespective of their consideration.
Certain transactions are explicitly excluded from such reporting, such as those performed between entities belonging to the same tax group.
✔ This form must also be filed with respect to the information of Patent box transactions with tax – related entities as well as transactions with tax haven territories.
✔ In order to achieve an effective reduction of tax administrative burden, the term to file this tax return has been set within the eleventh month subsequent to the date of the fiscal year closing, (that is to say, November for fiscal years coinciding with the calendar year).
For fiscal years starting in 2016 and ending prior to December 31, 2016, the filing term has been established from the 1st to the 30th of November, subsequent to the end of the fiscal year to be reported.