MiSE extends to 2022 the tax break dedicated to companies that choose to form or transform into benefit companies.
Decree Law 50/2022 with Art.
52-bis “Measures on benefit companies” extends the benefit company tax credit to 2022.
Let’s see what it is and how to get it.
Benefit company tax credit: what it is
Companies that establish or transform into benefit companies access a 50 percent tax credit made available by the MiSE.
The tax break is for enterprises that incurred the following expenses in 2022:
- Notary and registration fees in the Commercial Register;
- expenses related to professional assistance and advice incurred for the purpose of incorporation or transformation into a benefit corporation.
Excluded from eligible expenses are those related to taxes and fees; an exception is made for value-added tax if the beneficiary has no possibility of recovering it.
Company benefit tax breaks: tax credit extended
The tax credit for benefit companies was introduced in order to strengthen their system throughout the country.
The MiSE approved the benefit company tax credit for expenses incurred by companies in 2021 through Decree Law No. 34 of May 19, 2020.
The facility provided for a maximum contribution of 10,000 euros that can be used exclusively in compensation by the beneficiary.
The tax credit for companies that incur expenses to establish or transform into benefit companies in 2022 is found in Decree Law 50/2022.
Tax credit benefit company implementation decree: what it is
The implementing decree for the benefit company tax credit establishes the terms and procedures for submitting applications to access the grant made available by the MiSE.
In order to qualify for the 2022 benefit corporation tax credit, the expenses of incorporation or transformation must be incurred by December 31, 2022. The beneficiary must submit an appropriate online application to the Ministry of Economic Development; for further definitions, it is necessary to wait for the publication of the directorial decree in favor of the 2022 benefit company tax credit.
Becoming a benefit company: requirements and goals
With the law of Dec. 28, 2015 no.
208, Italy legally recognized the benefit society as a legal form.
The benefit corporation has a dual purpose: profit purpose and common benefit.
All types of corporations under the Civil Code, excluding nonprofits, can become benefit corporations.
The goal of benefit companies is to produce a positive impact on stakeholders, society and the environment through responsible, sustainable and transparent management.
Obligations benefit companies: what are they
The benefit corporation is obliged to state in its bylaws the common benefit it intends to pursue and the manner in which it undertakes to achieve it.
It must also appoint an impact manager whose job is to ensure that the corporation pursues the stated common benefit purpose.
An impact report, the purpose of which is to make the pursuit of the common benefit transparent, must be prepared annually; it must be attached to the company’s financial statements and filed with the Registrar of Companies.
The information to be included in the impact report covers: environment, governance, workers, other stakeholders.
ESG consulting: from tax benefits to the virtuosity of corporate sustainability
The renewal of the benefit company tax credit once again demonstrates the institutions’ commitment to promoting a new business model, characterized by sustainable, ethical, environmentally and socially responsible approaches.
Corporate sustainability, declined according to ESG criteria, allows the company to take advantage of countless benefits, not only fiscal, because it is demanded by stakeholders.
With our help, you can build your own ESG journey aimed at establishing sustainable strategies and becoming a benefit society.
Leave your details here to learn more.
