by Veronica Pinotti, Martino Sforza and Nicolò di Castelnuovo
The Italian Competition Authority has decided that the 2014 mandatory annual fee due by limited companies based in Italy, that have total revenues exceeding EUR 50 million, will have to be paid by July 31, 2014, while for the current year no payment is due.
Entities Subject to the Fee
- Limited liability companies (e.g., S.p.A. or S.r.l.) with total revenues—according to the latest financial statements (item A1 of the income statement)—exceeding EUR 50 million are subject to the fee.
- For banks and financial institutions, the amount of revenue for the purposes of calculating the fee is one-tenth of the institution’s assets on its balance sheet.
- The revenues of insurance companies are equal to the amount of premiums collected. Subsidiaries and associate companies belonging to a group must each pay the fee separately on the basis of the revenues set out in their financial statements.
For 2014, the amount of the fee is equal to 0.06 percent of the revenues set out in the latest financial statements. The fee cannot exceed EUR 300,000.