Académique Documents
Professionnel Documents
Culture Documents
2010
Contents
1. 2. 3. 4. 5. 6. 7. 8. 9. Introduction................................................................................................... 2 Businessenvironment .................................................................................. 3 Foreigninvestment....................................................................................... 6 SettingupaBusiness.................................................................................... 9 Labour .......................................................................................................... 18 Taxation........................................................................................................ 23 Accounting&reporting............................................................................. 28 UHYfirmsinItaly ...................................................................................... 32 UHYofficesworldwide ............................................................................. 32
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1.
Introduction
UHYisaninternationalorganisationprovidingaccountancy,business managementandconsultancyservicesthroughfinancialbusinesscentres inover70countriesthroughouttheworld.Businesspartnerswork togetherthroughthenetworktoconducttransnationaloperationsfor clientsaswellasofferingspecialistknowledgeandexperiencewithintheir ownnationalborders.Globalspecialistsinvariousindustryandmarket sectorsarealsoavailableforconsultation. Thisdetailedreportprovidingkeyissuesandinformationforinvestors consideringbusinessoperationsinItalyhasbeenprovidedbytheofficeof UHYrepresentatives: FiderConsultS.r.l. ViaBirmania,81 I00144Rome,Italy Phone: +39065917469 Website: www.fiderconsult.com Email: p.lenzi@fiderconsult.com YouarewelcometocontactDrPaoloLenziforanyinquiriesyoumay have. Informationinthefollowingpageshasbeenupdatedsothattheyare effectiveatthedateshown,butinevitablytheyarebothgeneraland subjecttochangeandshouldbeusedforguidanceonly.Forspecific matters,investorsarestronglyadvisedtoobtainfurtherinformationand takeprofessionaladvicebeforemakinganydecisions.Thispublicationis currentatFebruary2010. WelookforwardtohelpingyoudobusinessinItaly.
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2.
Business environment
TheItalianconstitutionandgovernment Italyisarepublicdividedintoregions,provincesandmunicipalities.The ParliamentisthelegislativebodyoftheRepublicandconsistsofaSenate andChamberofDeputies.Itsmembersareelectedbypopularvotetofive yeartermsofoffice. ThepresidentoftheRepubliciselectedforasevenyearperiodby parliamentandmustbeanItaliancitizenofatleast50yearsofage.The presidenthasmanypoliticalduties,butminimalpoliticalpower. Thegovernmentofministersholdsexecutivepowerandparliamentmay delegatelegislativepowertoitforspecificmatterswithindefinedlimits.In emergencies,thegovernmentofministersmayissuetemporarydecrees, whicharesubjecttoparliamentaryratificationorveto. Theregionalgovernmentshavelegislativepowerincertainareas,suchas healthandhospitalservices,localtaxes,urbanplanningand transportation. TheDomesticMarket Population Italyhasapproximately57millioninhabitants,withanaveragepopulation densityof189peoplepersquarekilometre(490persquaremile).The populationispredominantlyRomanCatholic. Area Thecountrycoversanareaof301,266squarekilometres(approximately 116,300squaremiles).Romeisthecapitalcity.Otherlargecitiesinclude Milan,Naples,TurinandGenoa.MilanandTurinandVenetoregionare themainindustrialcentresofthecountry. Theeconomy Italyseconomyisbasedprimarilyonthetransformationofrawmaterials, whichareusuallyimported,intofinishedproductstosatisfydomesticand foreigndemand.Investmentopportunitiesareencouragedandthe government,regionsandprovincesofferinvestmentincentives,manyof whichencourageindustrialisationinthesouthernpartofthecountry. Italyseconomicdevelopmentvariesgreatlyfromregiontoregion.The northishighlyindustrialisedwithagoodinfrastructureandahighly
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trainedworkforce.Thesouthrankslowinthosecharacteristicindicators andsignificantincentivesareofferedtoinvestorstodevelopinthearea. TheItalianeconomyconsistsofthreemajorsectors:largeprivate companies,thepublicsectorandthesmallbusinesssector. Essentialindustries Italyranksamongthesevenmostindustrialisedcountriesintheworld. Italianindustryconsistsofafewlargecompaniesandmanysmalland mediumsizedenterprisesspecialisedinavarietyofactivities.Industryis presentlydecliningduetohighlabourcostscomparedtothoseofless industrialisedcountries,whileserviceactivitiesareexpanding. Serviceactivitiesrepresentabout60%ofgrossdomesticproduct(GDP) andincludecommerce,transportation,communications,propertyrental, bankingandinsurance. Themanufacturingindustryrepresentsabout30%ofGDPandincludes construction,textilesandapparel,machinery,chemicals,pharmaceuticals, nonmetalmineralsandtransportationvehicles. Theagricultureindustryrepresentsabout4%ofGDP;itsprincipal productsarewheat,riceandothercereals,vegetables,fruits,wine,oliveoil anddairyproduce. Employmentenvironment TheItalianlabourmarketischaracterisedbyashortageofskillsinsome sectorsandnotableunemploymentinothers.Thelevelofemployment variessignificantlybetweenregions,althoughofficialstatisticsdonot reflectthesituationaccuratelyduetothehighlevelofunofficial employment(theofficialaverageunemploymentratefor2009is8.5%of theactivepopulation). Employeesareclassifiedbylawintofourcategories:workers(operai);low rankingwhitecollarworkers(impiegati);highrankingwhitecollar workers(quadri);andexecutives(dirigenti).Thelawspecificallyprotects lowerrankingemployees. Pricesandinterestrates ItalyseffortstomeettheMaastrichtconvergencecriteriafortheEuropean MonetaryUnion(EMU)haveresultedinastabilisationofpricesanda decreaseininterestratestohistoricallows. Theinflationrateasat31December2009was1%.
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Foreigntradeandthebalanceofpayments ItalyisamemberstateoftheEUandalsoadherestotheEMU.Thecountry isasignificantnetimporterofenergy,chemicalsandferrousandnon ferrousmetals,andisasignificantnetexporterofmanufacturedgoodsand textiles. Italysforeigntradeinmerchandiseshowsalowsurplus,whileservices andtransfersproduceconsistentsurpluses. Financialsystem Thecentralbank,theBankofItaly,stabilisesthemoneysupplyand supervisesbankingandcreditinstitutions. Historically,theBankofItalysprimaryconcernwastoassurethestability ofthecreditsystem.Itcurrentlyencouragesthemergerofthesmallest bankinginstitutionswithlargerinstitutionsandpromotesthe technologicalevolutionofbanks,assistingtheminthemodernisationof thepaymentsystem. Thebankingsystem,supervisedbytheBankofItaly,consistsprimarilyof: Ordinarybanks,whichincludeprivatecompaniesandthe subsidiariesandbranchesofforeignbanksand Cooperativepeoplesbanks(banchepopolari),whichare generallyactivewithinprovincesorregions.
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3.
Foreign investment
Italyencouragesforeigninvestmentbyofferingforeignownedentitiesthe sameincentives,primarilysubsidisedloans,cashgrantsandtaxcredits, availabletoentitiesownedbyItaliannationals.Financialassistanceand adviceareavailablefrombanks,specialcreditinstitutions,stateagencies andspecialisedconsultants.Foreigninvestorsmayobtainotherincentives fromlocal(regionalandprovincial)authoritiesandtheEU. Exchangecontrols ForeignexchangerestrictionsandcontrolswereabolishedinMay1990 followingtheimplementationoflegislationintendedtoalignItalian regulationswiththeEUdirectiveonthefreemovementofcapital. Forstatisticalpurposes,banksfiledetailsofforeignexchangetransactions forinboundandoutboundmovementsoffundswiththeFinancial InformationCenter(UnitdiInformazioneFinanziaria)controlledbyBank ofItaly.Transactionsoflessthan15,000areaggregatedwithother transactionsforreportingpurposes,whilethoseabovethisamountare reportedseparately. Individualsandlegalentitiesareclassifiedasresidentsornonresidents forexchangecontrolpurposes.Thefollowingareregardedasresidents: ItaliancitizenshavingtheirhabitualabodeinItaly,aswellas corporatebodies,associationsandorganisationshavingtheir centreofactivityinItaly Italiancitizenshavingtheirhabitualabodeabroadiftheyare employedinItalyorcarryoutbusinessorprofessionalactivitiesin Italymorethanoccasionally ForeigncitizenshavingtheirhabitualabodeinItalyiftheyare employedinItalyorcarryoutbusinessorprofessionalactivitiesin Italymorethanoccasionally Corporateentities,associationsandorganisationshavingtheir centreofactivityabroadiftheyhaveapermanentestablishmentin ItalythroughwhichtheycarryoutactivitiesinItaly.
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Investmentincentives Thenumerousandvariedincentivesaregenerallydirectedtoenhancethe economicdevelopmentofthecountryand,inparticular,toacceleratethe industrialisationofsouthernItaly,includingSicilyandSardinia (Mezzogiorno),andofcertainlocalitiesincentralandnorthernItalythat arerecognisedasdepressedareas.Incentivesarealsoavailableto encouragetechnologicalinnovationandtoassistinthedevelopmentof exports.Incentivestaketheformofsubsidisedloans,cashgrants,leasing assistance,taxcreditsandsubsidisedlabourcosts. Industrialenterprises,tradingcompanies,serviceenterprises,artisans, consortia(groupsofentities)andwholesaletradecentresareeligiblefor incentivestoinvestintheconstructionofnewplants,theexpansionof existingplants,thedevelopmentofabandonedfactories,plant modernisation,companyreorganisations,industrialconversions,services, researchprojectsandinnovativeinitiatives.Mostincentivesareobtained throughspecialcreditbankdepartmentsandstateagencies,whichassess thefeasibilityofbusinessplansandthecreditworthinessofthe entrepreneurs. Manyincentivesarespeciallydesignedtoassistinvestmentsinthe Mezzogiorno.Incentivesavailableinotherregionsarenotasextensiveas thoseintheMezzogiorno.Recently,incentivestotheMezzogiornoareas arebeingdiminishedduetoEUrules. Sourcesoffinanceforforeigninvestors ThesourcesoffinanceusedbyItalianentitiesarealsoavailabletoforeign investors.Theprimarysourcesoffinancefornewenterprisesare subsidisedloansandmediumtermloansatfixedorvariablemarketrates. Importingandexporting BecauseItalyfollowstheprinciplesoftheGeneralAgreementonTariffs andTrade(GATT),andtheregulationsoftheEUcustomsunionandother internationalagreements,mostgoodsmaybefreelyimported.Existing restrictionsareintendedtoprotecttheEUeconomy,sothatthe importationofcertainitemsrequiresadvanceauthorisation. Exportsaregenerallyunrestricted.Exportersmustcomplywiththe requirementstosubmitacustomsofficedeclaration.
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SpecialexportinsuranceisavailablefromtheAgencyforExportCredit Insurance(SACE)forexportsofdurablegoodsmachinery,equipment andtransportvehiclesaswellasforservices,studiesanddesignprojects, andforcivilengineeringworkscarriedoutabroad. Toencouragesuchexports,fundingisavailablefromspecialcreditbank departmentsandstateagenciesintheformofmediumtermloansatlow interestrates. Registrationofintellectualproperty ThroughtheCentralPatentOffice(UfficioCentraleBrevetti),Italianlaw providespatentprotectionfornovelinnovations,suchascreative inventionsandutilitymodels,whicharesuitableforindustrialapplication. Foreignindividualsmayobtainpatentsforindustrialinventionsorutility modelsonthesametermsasItaliancitizens. Licensingarrangements Licensingoffersameansofprofitingfrominventionswithouttheneedto investsubstantialcapitalandriskeconomicfailure. ForeignentitiesmayfindlicensingarrangementsattractiveinItalybecause thegovernmentimposesnoexchangecontrollimitationsonthetransferof royaltiesabroad.
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4.
Setting up a Business
ForeigninvestorswhointendtoconductcommercialactivitiesinItalycan choosefromawiderangeoflegalentities.EffectivefromApril1,2010, communicationstoTaxAuthority,RegisterofCompaniesandLabour AuthoritieswillbemadethroughthesocalledSoleCommunicationthat willgrantshortesttimetosetupabusinessinItalywithrespecttothe currentsituation.Wedescribebelowthestructureofthemostcommon businessentities. Personalcompanieswithoutlimitedliabilitystatus: Snc(societinnomecollettivogeneralpartnership):apartnership whereallpartnersarejointlyliableforallofthefirmsdebtsand obligations Sas(societinaccomanditasemplicelimitedpartnership):a partnershipwithtwodifferentcategoriesofpartners;silent partners(sociaccomandanti)liabilityislimitedtotheextentof theirpercapitalcontribution;orgeneralpartners(soci accomandatari)jointlyliableforalldebtsandobligationsofthe partnership.
Companieswithlegalpersonalityandlimitedliabilitystatus: SpA(societperazionicorporation):inwhichtheparticipants equityisrepresentedbyshares Srl(societaresponsabilitlimitatalimitedliabilitycompany):in whichthecapitalstockisrepresentedbyquotasandnotbyshares Sapa(societinaccomanditaperazionilimitedpartnershipby shares):thiscombinessomeofthefeaturesofbothalimited partnershipandalimitedliabilitycompany.Itisacompanyin whichatleastonememberhasunlimitedliabilitywhilethe liabilityofremainingmembersislimitedtotheextentoftheir sharecapitalsubscriptions.
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Singleowner BothSpAandSrlcanbeformedbyasoleshareholder.Thesole shareholder,whetheralegalornaturalperson,usuallyhaslimitedliability forthecompanysobligations.However,thelimitedliabilitybenefitislost ifcertainformalitiesarenotmet.Therefore,itisnormallyadvisableto haveaminimumoftwoshareholders. Corporatelaw CorporatelawisprovidedmainlybytheCivilCode. TheSpAtypecompanywillbeabletochoosefromamongthreedifferent modelsofcorporategovernancebasedonagroupofthreebodies: managementbody,managementcontrolbodyandauditbody: 1. Atwolevelordualisticmodel,wherebytheconductofthe businessrestswiththeBoardofManagement(Consigliodi gestione)andcontroliscarriedoutbytheBoardofSurveillance (Consigliodisorveglianza),thathassomeattributionsofthe generalmeetingofaSpaadoptingthetraditionalmodel(i.e. approvalofthefinancialstatements).ThemembersoftheBoardare appointedbytheshareholders; 2. Aonelevelormonisticmodel,wherebytheconductofthe businessrestswiththeBoardofDirectors(Consigliodi Amministrazione),appointedbytheshareholders;controlis carriedoutbytheManagementControlCommittee(Comitatoper ilcontrollosullagestione),composedofthemembersoftheBoard andappointedbythelatter. Inbothcases,accountsarecontrolledbyanauditingcompanyor auditor; 3. Atraditionalmodel:thefollowingisasummaryofthemost relevantprovisionsunderthetraditionalmodel,whichisbyfar themostusedinpractice;i.e.theSrltypecompany(themost commoncompanytypeinItaly)willbeabletoapplyonlythe traditionalmodel. SpA Underthetraditionalmodel,thecorporatestructureismadeupas follows: Boardofdirectors Boardofstatutoryauditors Registeredauditor/auditingfirm.
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BoardofDirectors(ManagementBodyOrganodigestione) ASpAcanbeadministratedbyasoledirectororbyaboardofdirectors. Inthislattercase,oneofthemisappointedaschairman.Itis recommendedthatatleastoneofthedirectorsappointedisalocal resident,asitmaysimplifyanumberofprocedures(eg.signatureof annualtaxreturnandsocialcontributionreturns).Otherwisealocalproxy holdermustbeappointed. Thedirectorsneedtobeindividuals.Withtheexceptionofthose appointedwiththearticlesofincorporation,directorsareelectedbythe shareholdersresolutions.Adirectorstermofofficemaynotexceedthree years,butitmayberenewed. Intheinstanceoftheresignationofthemajorityofdirectors,thewhole boardisvoidandashareholdersmeetingmustbecalledtoappointanew board.Directorscanberemovedbyaresolutionoftheshareholders. Aboardmeetingisdulyconstitutedifthemajorityofdirectorsarepresent, unlessthearticlesofassociationprovideforalargerquorum.Underthe bylaws,attendancemaybepermittedviatelecommunications. Resolutionsarepassedwhenapprovedbythesimplemajorityofthose presentunlessprovidedotherwise.Directorsmaynotvotebyproxy. Thedirectorsremunerationorcompensation,includingapossibleshareof theprofits,isnormallysetoutinthearticlesofassociationorfixedbythe shareholdersinageneralmeeting. Managingdirectors Theboardofdirectorscandelegatesomeofitsmemberstoperform specifictasks.Ifthedelegationisgiventooneorafewdirectors,theyare appointedasmanagingdirectors. Thefollowingpowersmaynotbedelegatedinanyinstance: Todrawupthefinancialstatements Toincreasethesharecapital Tocalltheshareholdersmeetinginthecaseoflosseshigherthan onethirdofthesharecapitalandtoaskthecourttoreduceshare capital Topreparemergerordemergerprojects.
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Legalrepresentative Thearticlesofincorporationappointthedirectorswhomayrepresentthe company.Failingthis,thecompanyisrepresentedbythedirectors appointedbytheshareholdersmeeting.Ifnosuchappointmenthasbeen made,theboardofdirectorsmayspecifywhoisentitledtorepresentthe companyormayreservethisrighttoitself.Usually,however,the chairmanandthemanagingdirectorsareentitledtobelegal representatives. StatutoryAuditors(ManagementcontrolbodyOrganodicontrollo sullagestione) Theboardofstatutoryauditors(collegiosindacale)iscompulsoryforaSpA. Itcomprisesthreeorfiveeffectivemembers(sindaci)andtwoalternates. Thememberscannotbeemployeesordirectorsorcloserelativesof directors;theycannotbestatutoryauditorsofsubsidiaries,parent companiesorcompaniesunderjointcontrol. Theremunerationofthemembersoftheboardisdeterminedeitherinthe articlesofassociationorbytheshareholdersinageneralmeeting.Thefirst membersoftheboardareelectedforthreeyearsandtheycannotbe removedbytheshareholdersmeetingunlessthereisfaircause. Theboardofstatutoryauditorsmustmeetevery90days,optionallyvia telecommunications.Theboardofstatutoryauditorsisdulyconstitutedif themajorityofstatutoryauditorsarepresent,andresolutionsarepassed whenapprovedbytheabsolutemajorityofthosepresent. ThemostspecificdutyoftheboardofstatutoryauditorsinaSpAisto controlthemanagementofthecompanyinrespectofthelawandits articlesofassociation;however,articlesofassociationofSpAs,whichare notlistedandarenotrequiredtoprepareconsolidatedfinancial statements,mayprovidethattheboardofstatutoryauditorsisalso performingtheperiodicalAccountingcontrol(everythreemonths)and theexaminationoftheannualfinancialstatementsinaccordancewith recommendedauditingstandards,withaviewtoexpressanopinion thereon. RegisteredAuditor/Auditingfirm(AuditbodyOrganodicontrollo contabile) Unlessotherwiseprovidedbythearticlesofassociationandaspermitted bythelaw(seeabove)themostspecificdutyoftheRegisteredAuditor/ AuditingfirmistoperformtheAccountingcontrolasdefinedabove.
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TheAuditbodyisappointedbytheshareholdersmeetingaftertheboard ofstatutoryauditorshasreported.TheShareholdersMeetingsetsthe remunerationtobepaidfortheentiretermofoffice. Ineligibilityrulesdescribedinrespectoftheboardofstatutoryauditors alsoapplytoindividualcomponentsoftheAuditbody. Thetermofofficeisthreeyearsandcanberenewednomorethantwice. Generalmeeting Shareholdersmeetingsareclassifiedasordinary(assembleaordinaria)or extraordinary(assembleastraordinaria):thedifferencebetweenthese classificationsconcernsthedecisionsthatcanbetakenandthelegal requirementsneededforthetakingofsuchdecisions. Inanycase,anannualgeneralmeetingmustbeheldwithin120daysofthe companysfinancialyearend. Thenormalbusinessofanordinarymeetingis: Approvalofthefinancialstatements Electionofdirectorsandthemembersandchairmanoftheboard ofstatutoryauditors Determinationoftheirremunerations,unlessalreadydetermined bythearticlesofincorporation Discussionofallothermattersrelatingtotheperformanceofthe companyandtheresponsibilityofthedirectorsandstatutory auditors.
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Quotaholdersmeetingsaredulyconstitutedifquotaholdersrepresenting atleasthalfofthecapitalarepresent.Resolutionsarepassedwhen approvedbyabsolutemajority.Intheeventofchangestothearticlesof associationandresolutionsinvolvingamaterialchangeinthecompanys purpose,resolutionsarepassedwhenapprovedbyanumberofquota holdersrepresentingatleastahalfofthecapital.Otherparticularfeatures regardingSrlsarelistedbelow: Boardofdirectorsandquotaholdersresolutionscanbetakenby consentexpressedinwriting,withoutaformalmeetingbeing held; Directorscanbeappointedforanundefinedperiod; Unlessdifferentlystatedinthebylaws,aboardofstatutory auditorsoraregisteredauditor/auditingfirmisgenerallynot requiredif(a)thecompanyscapitalislessthantheminimum sharecapitalrequiredforSpAtypecompanies,120,000;orif(b) thecompanyhasnotexceededtwoofthefollowingparametersin thefirstyearofoperationsor,afterthat,fortwoconsecutiveyears: totalassetsreportedinthebalancesheet,4,400,000;revenues fromsalesandservices,8,800,000;averageemployeesduringthe year,50units; Bothmanagementcontrolandauditfunctionsarenormallycarried outbytheboardofstatutoryauditors,ifrequired; Nodistinctionexistsbetweenordinaryandextraordinary shareholdersmeeting.
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purposestothemostflexibleformoftemporarycooperationamong enterprisesjoinedbycontracttocarryoutprojectsordeliverservices. Branchesofforeigncorporations AforeigncorporationthatformsanItalianbranch(sedesecondaria)is subjecttoItalianlawbecauseabranch,unlikeasubsidiary,isnotanentity separatefromthecompanythatisresponsibleforitsobligations.Atthe timethatthebranchisformed,theforeigncompanymustnotifythelocal courtandprovidethenamesoftheresidentpersonsrepresentingthe companyinItaly.Itmustfilespecifieddocumentsrelatingtothecreation ofthebranchwiththeRegisterofEnterprises.Registrationwiththelocal chamberofcommerceisalsorequired. Antitrustlaw Freecompetitionisprotected(aswellastheprovisionsoftheRome Treaty)bytherulesdictatedbytheItalianantitrustlaw,whichismodelled aftertheEuropeanprovisions. TheenforcementofsaidItalianlawisensuredbyanadhocAuthority (AutoritGarantedellaConcorrenzaedelMercato). OtherAuthoritieshavebeencreatedinordertocontrolthecompliance withantitrustlawprovisionsinspecificsectors(telecommunications, energy,etc.). Privacylaw Theprotectionofpersonaldataprovidedbyaprivateindividualora companyhasbeenintroducedbyaLegislativedecree,calledPrivacy Code. TheCodestatesthattheconcernedpartyisentitledtotheprotectionof rightsthatrefertotheexistenceandcommunicationofpersonaland sensitivedata,theknowledgeofdataprocessingprocedures,theinvention andaccesstoitsowndataand,finally,theobjectionoftheirprocessing. Theprocessingofpersonaldatadestinedtosystematiccommunicationor spreadingmaybeentrustedtoaperson,company,publicadministration andanyotheragency,associationorbody. Dataprocessingmustbecarriedoutbyadoptingsuchsafetymeasuresand technicalmeansasmayguaranteesafetyandconfidentiality.These measuresincludetheProgrammaticDocumentonSafety(socalled DPS),bywhichthepersoninchargeoftheprocessingdefinesitspolicies forthesafetyandprotectionofpersonaldata,byindicatingthesafety measuresalreadyadoptedandthosetobeadopted,inordertoguaranteea suitablelevelofprotectionofpersonaldata.
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Failuretoadoptthesafetymeasuresisanoffencewithaspecificpenalty system. Administrativeliabilityoflegalentities TheDecree231/2001hasintroducedintheItalianlegalsystemtherulethat liabilityarisesnotonlyontheheadoftheindividualandactual perpetratoroftheoffence,butforlegalentitiesaswell. BeforetheenforcementoftheDecree,entitiescouldbeheldliableonly underthecivilgroundandchargeabletopayfinesintheeventofthe perpetratorinsolvency. TheDecreesetsforthasortofliabilityexemptioninfavouroftheentities abletoprovetohaveadoptedandeffectivelyimplementedthe appropriateorganisational,managementandcontrolmodelsinorderto preventoffencesastheoneoccurred. Thecontrolsystem,assetforthbythenorm,isoptionalandnot compulsory.However,itisevidentthatintheeventofanadversesentence underthecriminalcodetheentitycouldbepunishedwithsanctionsas providedforbytheDecree,while,ontheotherhand,shareholderscould takeactionagainstthecompanysdirectorsfornegligenceintheprior arrangementoftheorganisation,managementandcontrolmodelinorder totakeadvantageoftheexemptionclause. Therepresentativeassociationsofentitiesdrawupguidelinesonwhich eachentitymaystarttoimplementitsspecificorganisational,management andcontrolModel. Bankruptcyandproceedingsfordistributionamongcreditors AccordingtotheItalianbankruptcylaw,anindividualentrepreneurora company,whichisinastateofinsolvency(i.e.whenduetonon performanceand/orotherexternalfactors,heappearstobeunableto regularlyfulfilhisobligations),isdeclaredbankruptbythecourtofthe placewheretheenterprisehasitsmainoffice. Abankruptcyprocedureconsistsoftheliquidationofthebankruptsassets andsubsequentintegralorpartialpayingoffofcreditors. Thisprocedure,however,doesnotapplytosmallentrepreneurs(i.e. persons,individuallyorjointlycarryingouttrade,who,alsoalternatively, didnotmakeinvestmentsforoverthreehundredthousandeurosand/or didnotobtainaveragegrossearningsofthelastthreeyearsforatotal amountofovertwohundredthousandeurosand/ordidnothold liabilities,evenifnotexpired,foratotalamountofeurofivehundred thousandeuros). 16
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Thebankruptcyadjudicationdeprivesthebankruptadministrationofits assets.Whenbankruptcyinvolvescompanies,thelawlaysdown provisionsforthebehaviourofdirectors,generalmanagers,andthe membersofcontrolbodies,liquidatorsandshareholders. Anarrangementwithcreditorsmaybereachedduring(concordato fallimentare)orbeforethebankruptcyprocedure(concordatopreventivo). Inthearrangementduringthebankruptcyprocedure,theproposalmaybe submittedbyoneormorecreditors,byathirdpartyorbythebankrupt company.Suchproposalsmayprovideforthesubdivisionofcreditorsinto classes;differenttreatmentsforcreditorsbelongingtodifferentclasses, indicatingthereasonforsuchdifferentiation;therestructuringofdebts andthesettlementofcreditsinwhateverform;areportofabusiness consultanthastobeattachedtotheplansconcerningtherestructuringof debtsandthesettlementofcredits.
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5.
Labour
Employmentenvironment TheItalianlabourmarketischaracterisedbyashortageofskillsinsome sectorsandnotableunemploymentinothers.Thelevelofemployment variessignificantlybetweenregions,althoughofficialstatisticsdonot reflectthesituationaccuratelyduetothehighlevelofunofficial employment(theofficialaverageunemploymentratefor2009is8.5%of theactivepopulation). Employeesareclassifiedbylawinfourcategories:workers(operai);low rankingwhitecollarworkers(impiegati);highrankingwhitecollarworkers (quadri);andexecutives(dirigenti).Thelawspecificallyprotectslower rankingemployees. Employersmaychoosetorecruitworkersiftheyhaveregisteredwitha locallabouroffice(ufficiodicollocamento)andappearonalocal unemploymentlist. Toenterprisesemployingmorethan35people,thelawrequiresthehiring ofaspecifiedproportionofdisabledworkers. Duringthelastyearsamajorreformofemploymentandthelabourmarket wasintroducedandwasaimedatexpandingemploymentandovertaking restrictionsandthestiflednatureofthelabourmarket. Themainfeaturesprovidethefollowingadditionalformsofemployment: Joboncall:thejoboncallcontractisanemployeecontract,and canbeoneitheratermorpermanentbasis.Thiscanbeusedfor discontinuousorintermittentworkperformedaccordingtoneeds identifiedincollectivecontractsor,provisionally,bytheLabour Ministry; Jobsharing:thejobsharingcontractisdefinedasonewhereby twoworkersassumejointandseveralliabilityforasingleand identicalworkobligation; Staffleasing:withincertainlimitsandundercertainconditions, companiescannowusetheservicesofpeoplewhoarenottheir ownemployees.Astaffleasingcontractcanbeenteredintobyany userwhorequestspersonnelfromanauthorisedprovider.The agencyisrequiredtopaythemandatorysocialsecurity,healthcare andworkerscompensationcontributions,butthelandlordand thelesseearejointlyandseverallyliablefortheworkerswages andsocialsecuritytreatment;
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Themaincharacteristicsoftheabovecontractsaretheflexibilityinthestaff managementand,insomecases,thereducedsecuritychargebelow normallabourrelationships. Workingconditions Wagesandsalaries Minimumwagesarefixedbynationwidecollectivebargainingagreements betweenunions,theAssociationofItalianEnterprisesandthegovernment. Theresultingcontracts,whichhaveforceoflaw,establishminimumwages forentireindustries,whetherornotaparticularemployeroremployee waspartytothenegotiations.Inadditiontonationalcontracts,companies alsonegotiatetheirownterms(contrattiintegrativi),usuallyintheyear afternationalcontractsarenegotiated. Annualsalariesarepaidin13or14instalments,dependingonwhich nationalcollectivecontractapplies.The13thinstalmentispaidattheend ofDecemberandthe14th,ifdue,ispaidinJune. Workinghours,holidaysandvacations A40hourworkingweekisconsideredstandardforallemployees. Overtimeisgenerallypermitted,butislimitedbylawtotwohoursaday andmustbeauthorisedbythecompanyspersonneldepartment.These limitsmaybereducedbycollectivebargainingagreements. Overtimeratesmustexceednormalratesandcompaniesmustpaythe nationalsocialsecuritysystema15%wagepenaltyforhoursfrom41to48 perweekand20%forhoursexceeding48. Inadditionto10nationalholidays,eachcitycelebratesthefeastdayofits patronsaint.Italyalsohasfournonspecificholidays,whichworkersmay takeattheirconvenience,withcertainlimitationstoensurethesmooth runningofthefactory,andtwodaysworked,butpaidatspecialrates. Threeweeksofvacationarecompulsoryduringthefirsttwoyearsof employment.Thereafter,fourweeksareusuallygiventobothofficeand factorypersonnel.
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Terminationofemployment Thestatutorynoticetobegivenonterminationofemploymentvaries considerablyaccordingtoseniorityandthecategoryoftheemployee.The minimumnoticeperiodvariesfrom15daystosixmonths.Thestatutory noticemustalsobeobservedbytheemployee,whomustgivenoticetothe employerinaccordancewiththeperiodsprovidedbylaw.Iftheemployee leavesemploymentwithoutgivingpropernotice,theemployermayretain anindemnityproportionaltothenoticeperiod. Dismissalispossibleincasesofseriousmisconduct,butinpracticeitis difficulttoestablishthatsuchmisconducthasoccurred.Ifacourtfinds thatadismissalwasunfair,theemployerconcernedmusteitherreinstate theemployeeorpayadditionalcompensation.Disputesconcerning terminationofemploymentcanprovedifficultandexpensive. Allemployeesareentitledbylawtoreceivedeferredcompensation payableattheendoftheiremploymentrelationship.Theemployermust annuallyaccrueanamountthatcanbealternativelymaintainedbetween companysliabilitiesor,uponemployeesrequest,paidinto supplementarywelfarebodies.Theannualaccrualamountstothe employeesyearlytotalcompensationdividedby13.5.Theunpaidbalance isincreasedineachofthesubsequentyearsatarateof1.50%plus75%of thecostoflivingindex.Thisamount,knownasTrattamentodiFine Rapporto(TFR),mustbepaidwithinsixmonthsoftheterminationof employment.Theemployeemayrequestanadvancepaymentofaportion ofTFRtobuytheirfirsthomeorforcertainextraordinarymedical expenses. Tradeunions ApproximatelyhalfofallItalianworkersbelongtosometradeunion.The percentagevaries,however,fromsectortosector.Therighttoformunions andtherighttostrikeareconstitutionallygrantedprerogatives. Thethreemainunionsare:ConfederazioneGeneraleItalianadei Lavoratori(CGIL);ConfederazioneItalianaSindacatiLavoratori(CISL); andUnioneItalianadelLavoro(UIL). Eachunionusuallyrepresentsapoliticalpartyandhastheopportunityto negotiatedirectlywiththegovernmentandtheAssociationofItalian Enterprises(Confindustria)fornationalcollectiveagreements,whichare validforanentireindustry.
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Specialrequirementsforforeigners Prospectiveemployerswhohireforeignersmustsecureworkpermitsfrom theLabourMinistryandsupplyproofthattheforeignemployeehas certainqualificationsnotpossessedbyunemployedItalians.Managersand otherexecutivesofforeignownedcompaniesaregenerallyassumedto havethosequalifications. Itmaytakethreeorfourmonthsforaforeignertoobtainaworkpermit fromanItalianembassyabroad.Employerswhohireforeigners(aswellas Italians)withoutworkpermitsmaybesubjecttomonetaryorcriminal penaltiesorboth. EUcitizenssecondedtoItalydonotrequireworkpermits.Aworkpermit forsecondmentisgenerallyrequestedfornonEUcitizens.However, internationalagreementsmaymodifythisrequirement. Socialsecurity Thecompulsorysocialsecurityinsuranceschememanagedbythe NationalInstituteforSocialSecurity(INPS)coversallemployeesandtheir families,includingforeigners,withawiderangeofbenefits.Thefollowing aretheprimarybenefitsofferedtoallworkers: Oldagepensionafteratleast20yearsofcontributions (pensionableageis65formenand60forwomen),disability pensionandsurvivingdependentspension Unemploymentbenefits Sicknessbenefits Maternitybenefits Statesubsidisedmedicalcare Insuranceagainstaccidentsandoccupationaldiseases Subsidiesintheeventoflabourredundancyresultingfroma temporaryfinancialcrisisorsimilarsituation.
ContributionstotheNationalMedicalInsuranceScheme,whichprovides medicalassistancetoemployeesandtheirfamilies,ispaidaspartoflocal taxdueonincome(IRAP).Medicalassistance,dependingonthe employeesincome,covershospitalisationinapublichospital,afamily doctor,somemedicinesandcertainmedicaltestsandexaminations.The NationalMedicalInsuranceSchememayalsoreimbursemedicalcosts sustainedabroadifapprovedinadvance. Socialsecuritycontributionratesvarydependingonthetypeofbusiness andthecategoryoftheemployee.Somecontributionsarepayableontotal grosssalariesandothersaresubjecttoawageorsalaryceiling;theaverage
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contributionisapproximatelybetween36.19%to42.27%dependingonthe typeofbusiness.Ofthisapproximately8.89/9.19%ispaidbythe employee. Withafewexceptions,thecontributionsarebasedongrossearningspaid incashorinkind. INPScontributionsmustbepaidonthe16thdayofeachmonth. Insurance Thereisacompulsorypublicinsuranceforemployees,calledINAIL (IstitutoNazionaleAssicurazioniInfortunisulLavoro).Ratesnormally applicabletoatradingcompanyvaryfrom0.51.3%ofthegrossannual salaries,dependingonthedegreeofriskincurredbytheemployee.For example,employeeswhohavetouseacarfortheirjobpayahigher premium. TheINAILcontributionispaidonceayearon16February.Managers fundsarepaidonaquarterlybasisonthe10thdayofthefollowingmonth thereferenceperiod. AforeignerenteringItalywithaworkpermitissubjecttotheItaliansocial securityscheme:EUregulationsandinternationalbilateralagreements, however,maymodifythisobligation.
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6.
Taxation
Italiantaxationcanbeunderstoodbyexaminingthetaxationofboth companiesandindividuals. Corporationtaxes IncometaxesapplicabletoalimitedliabilitycompanyinItalyincludethe followingtaxes: IRES(ImpostasulRedditodelleSociet):nationalcorporateincometaxwas setat27.5%.Lossescanbecarriedforwardanddeductedfromfuture profits,normallyforfiveyears,exceptforlossesrealisedinthefirstthree yearsfromtheincorporationofthecompany,whichcanbecarried forwardwithoutanylimitationoftimeduringthelifeofthecompany. IRAP(ImpostasulRedditodelleAttivitProduttive):regionaltaxon productiveactivitiesat3.9%.Itischargedonthenetvalueproductionin commerceandmanufacturing.Thenetvalueofproductionisdetermined bythegrossturnoverplustheincreaseinstocktradeandworkinprogress lessexpensesofproduction(depreciationincluded).Animportantfeature ofthistaxisthatbothtaxinterestspaidandpayrollcostsarenot deductible.10%ofIRAPcanbedeductedforIRESpurposes. Thefollowingtaxreturnsmustbefiled: Taxpaymentsaredueassetoutbelow: Incometaxesduebythecompany:twoadvancepaymentsplusabalance payment.Thebalancepaymentandthefirstadvanceareduewithinthe 16thdayofthesixthmonthfromtheendofthefinancialyear.Thesecond advanceiswithintheeleventhmonthofthefinancialyear.Asof31 December2009,advancesarecalculatedon100%ofIRESandIRAPfrom thefiscalyear2005.Thefirstadvanceamountsto40%ofthetotal,while thesecondamountsto60%. VAT:monthlyorquarterly,dependingonturnover,onthe16thdayof eachmonth. AnnualVAT(ImpostasulValoreAggiunto)basedatareturn AnnualVATreturn Annualincomereturn AnnualIRAPreport Annualreturnofpaymentssubjecttowithholdingtax Intrastatreport:monthly,quarterlyorannually,dependingonthe amountoftransactions.
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Withholdingtaxesandsocialcontributionsonsalaries,commissionsand professionalfeespaid:monthly,onthe16thdayofeachmonth. Stamptaxonacompanysbooks(ImpostasulleVidimazioni):annuallyby16 March(309.87ifstockcapitalislowerthan516,456.90;otherwise, 516.46). TaxandsocialsecuritypaymentsduebyVATregisteredentitiesare requiredtobemadeelectronically,whateverornotanintermediaryis involved. Grossincome Grossincomefortaxpurposesconsistsofincomerecordedinthe companysfinancialstatements,adjustedforrequirementsofthetaxlaw. Businessincome Businessincomeincludesincomefromatrade,interest,royalties, dividendsandcapitalgains. Capitalgains Capitalgainsaredefinedasthesaleproceedslessnetbookvalue.Thereis anonfavourabletaxrateforcorporationsearningcapitalgainsthatmay beincludedintaxableincome;however,eitherentirelyintheyearrealised orinequalannualinstalmentsoverafiveyearperiod,atthetaxpayers discretion.Nointerestisdueonthedeferralofthetaxliability. Participationexemption Undercertainconditions,the95%ofcapitalgainsrealisedindispositionof participationsheldincompaniessubjecttoIRESisexcludedfromtaxable income. Rents Taxableincomefromrealproperty,includingfarminglandandbuildings notusedforbusinesspurposes,iscomputedbasedonacadastralsystem (catasto),inwhichalllandandurbanbuildingsareclassifiedaccordingto theirestimatedordinaryaverageincome.Thedeemedincomeiscalculated bymultiplyingthebasicvaluesassignedinthecadastralrecordsby applicablerates,whichareperiodicallyrevised. Dividendsfromresidentcompanies 95%ofdividendsreceivedbyaresidentcompanyfromanotherresidentor nonresidentcompanyareexcludedfromtaxableincome.
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Dividendsfromnonresidentcompanies Dividendsfromsubsidiariessituatedincountriesthathaveprivilegedtax systemsarefullytaxableforIRES. Interestandroyalties Interestandroyaltiesreceivedbycorporationsfromanysourcemustbe reportedattheirgrossamountbeforewithholdingtaxisdeducted. Otherforeignsourceincome Otherforeignsourceincomeisincludedintaxableincomeforcorporate incometaxpurposes. Treatmentofgroupsofcompanies Theoptionforgrouptaxationisirrevocableforaminimumperiodofthree years.Theoptionmustbeexercisedbythecontrollingcompanyandbyits subsidiariesandissubjecttovariousobligationsandcovenants. Worldwidegrouptaxationhasalsobeenintroducedandisapplicableto Italiancontrollingcompaniesquotedonthestockexchangeorownedby shareholdersnotcontrollingothercompanies. TaxTransparency Theoptionforthetaxtransparencyisirrevocableforaminimumperiodof threeyears.Theoptionmustbeexercisedbythecontrollingcompanies andbytheirsubsidiary. Whetherlimitedcompanies(residentornonresidentundercertain conditionsprovidedbythelaw),controllingaresidentlimitedcompany, maketheoptionforthetaxtransparency,theshareholderswillbesubject toincomestaxation,carelessaboutadividendsdistribution. Theoptioncanbechosenonlyifallpartnersarelimitedcompanies,with participationnotlowerthan10%,andnothigherthan50%. Nonresidentcompanies NonresidentcompaniesareliabletoItaliantaxationonlyonincome arisingwithinItaly. ThefollowingcategoriesofincomearedeemedtobefromItaliansources: Incomefrombusinessactivitiesconductedthroughapermanent establishmentinItaly,whichincludescapitalgainsorlossesonthe dispositionofgoodsorassets,includingshares,employedin,orin
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anywayrelatedto,thebusinessactivitiesconductedinItalyeven ifnotearnedthroughtheItalianpermanentestablishment; IncomefromlandandbuildingslocatedinItaly; Incomefromcapital,suchasdividendspaidbyItaliancompanies, interestpaidbyindividualsandentitiesresidentinItaly,and incomepaidbytheItalianpermanentestablishmentsofnon residents; IncomefromprofessionalorartisticactivitiesperformedinItaly; IncomefromItalianpartnerships,whetherornotsuchincomeis distributed; Royaltiesfromthelicensingoftrademarksortradenames, industrialinventions,creativeworkandsuchotheritems,when suchroyaltiesarepaidbyItalianresidentsorbytheItalian permanentestablishmentofnonresidents.
Branches Abranchofaforeigncorporation(sedesecondaria)issubjecttoIRESand IRAPonallincomearisingordeemedtohavearisenwithinItaly. AlthoughabranchisgenerallytaxedunderthelawsapplicabletoItalian corporations,thetaxlawprovidescertainadvantagesanddisadvantages forabranch.Themainadvantageisthatprofitsmayberemittedtothe foreigncompanyfreeofwithholdingtax. Individuals Asof1January2007,personalincometaxisappliedtoindividualsona progressivebasis,withratesrangingfrom2343%.Taxdeductionsare alsoavailable.Inaddition,aregionaltaxofupto1.4%andalocal communaltaxofupto0.8%areappliedonallindividualsincome. InordertoensurethepaymentofIRPEF(individualstaxation),thelaw establishesarulewherebyallemployershavetowithholdpartofthe salaryandpayittotheTaxAuthoritiesonbehalfoftheiremployeesand onaccountofthetaxeventuallyduebythelatter. Dividendsreceivedbyindividualsareincludedinthetaxableincometo theextentof49.72%oftheamountdistributed. Taxationofexpatriatesandnonresidents Foreignersaregenerallytaxedaccordingtotheirresidentstatus.Ifthey meetthecriteriaforresidencyinanyfinancialyear,theyaretaxedon worldwideincome.Individualsnotconsideredresidentaretaxedon Italiansourceincomeonly.
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7.
Accountingprinciples Italianaccountingrequirementsaregovernedbycivillaw.Theregulations ofApril1991,andsubsequentmodifications,prescribethepresentationof atrueandfairviewofthecompanysfinancialandeconomicsituation. TheCivilCodeprovidesdetailedguidanceconcerningtheclassificationof accountsandtheformatoffinancialstatementsaswellasageneral guidanceconcerningaccountingprinciplestobeadopted. Withinthiscontext,theConsigliNazionalideiDottoriCommercialistiedei Ragionieri(NationalCouncilsofDoctorsofCommerceandofAccountants) haveundertakentoestablishaccountingprinciples,whichnormally conformtointernationalgenerallyacceptedaccountingprinciples,by issuingaseriesofpronouncementsthatexpandontherequirementsofthe CivilCodeandcovermattersnotcontainedinthecode.The pronouncementsdonotestablishprinciplesorencouragepracticesthatare prohibitedbytheCivilCode. Areviewofthesepronouncementsstartedin2004alongsidethe introductionofthecorporatereformlaw. TheaboveCouncilsaremembersoftheInternationalAccounting StandardsCommittee(IASC).
Yearendfinancialstatements
Atthesettingupofalimitedliabilitycompany,thecompanymustdefine theclosingyearenddate. Everyyear,attheendoftheaccountingperiod,thedirectorsmustprepare theannualfinancialstatements(balancesheet,profitandlossaccountand explanatorynotes),togetherwithareportthereon.Theannualfinancial statementsandthedirectorsreportmustbepreparedwiththeformatand timingstatedbyregulationsoftheItalianCivilCode. Atleast30daysbeforetheshareholdersmeetingwhichwilldiscussthem, thedirectorsreportandtheannualfinancialstatementsmustbe communicatedtotheboardofstatutoryauditors(ifexisting),andwho shallalsoprepareareportthereon. Thefinancialstatements,togetherwiththedirectorsandboardof statutoryauditorsreports,mustbedepositedattheregisteredofficeofthe companyatleast15daysbeforetheshareholdersmeetingand,nolonger than30daysafterthemeeting,mustbefiledwiththeregisterof
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commercialenterprises,togetherwithacopyoftheshareholders resolutionofapproval,forpossibleinspectionbythepublic. Condensedyearendfinancialstatements Unlesstheyhaveissuedsecuritiesmarketedonregulatedmarkets, companiesmaypreparetheirfinancialstatementsincondensedform, whentheyhavenotexceededtwoofthefollowingrequirementsinthe firstyearofoperationsor,afterthat,fortwoconsecutiveyears: Totalassetsreportedinthebalancesheet:Euro4,400,000 Revenuesfromsalesandservices:Euro8,800,000; Averageemployeesduringtheyear:50employees.
FromFY2006
IAScompulsory IAScompulsory
Banksandotherfinancial intermediaries Insurancecompanies Ordinary Consolidated Companiesauthorisedto Ordinary presentcondensed financialstatements Others Ordinary Consolidated IAScompulsoryif listed IAScompulsory ExcludedfromIAS
ExcludedfromIAS IASfacultative
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Auditing Ingeneralterms,auditactivitycanbesplitintotwodifferentcategories:(i) Accountingcontrolsexaminationoftheannualfinancialstatementsin accordancewithrecommendedauditingstandards,withaviewtoexpress anopinionthereon,and(ii)ManagementcontrolsorCorporate surveillancereviewofthecompanysbusinesswithrespecttothelaw andthestatutes. Underthetraditionalcorporatemodel(section4,Settingupabusiness), theauditactivitycanbecarriedouteitherbyaboardofstatutoryauditors orbyaregisteredauditor/auditingfirmoracombinationoftheseentities. Companies,whicharenotlistedandarenotrequiredtoprepare consolidatedfinancialstatements,may,asageneralrule,appointthe boardofstatutoryauditorstoperformbothfunctions(i)and(ii);inother cases,theAccountingcontrolsfunctionisallocated,bylaworbyarticles ofassociation,toregisteredauditors/auditingfirms. Listedcompanies,statecontrolledcompanies,municipalitycontrolled companies,largeconsortia,insurancecompanies,brokers,(securities traders),publishingcompaniesandothersmustbeauditedbyaspecial classofauditingfirmsregisteredwiththeNationalCommissionfor Companies&StockExchange(CONSOB).Theauditingfirmisappointed bytheshareholdersforthreeyearsandmaybereappointedonlyfortwo successivethreeyearterms. Auditorsarerequiredtobeindependent.Theyarepersonallyliableforthe accuracyandtruthfulnessoftheirstatementsand,withthedirectors,are jointlyliableforthedirectorsactionsoromissionswheneveritcanbe shownthatalosscouldhavebeenavoidediftheauditorshadperformed theirdutiesproperly.
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8.
FiderConsultS.r.l.offices: Rome viaBirmania81 I00144,Roma Italy Phone: +39065917469 Website: www.fiderconsult.com Fax: +39065913582 Contact: DrPaoloLenzi Email: p.lenzi@fiderconsult.com WithadditionalofficesinFlorenceandMilan
9.
For contact details of UHY offices worldwide, or for details on how to contacttheUHYexecutiveoffice,pleasevisitwww.uhy.com
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