Feed Rss TAX LAW FIRM DEOTTO FERRARI & ASSOCIATI STUDY CENTER Home Associates Locations Contacts Who we areGuidelinesVideoBooks and monographsNewsEvents 19/04/2017 The cash regime expands inherence Business income. circular 11 / e admits that the principle is not governed by article 109, paragraph 5 of the tuir Dario Deotto The (presumed) cash regime for smaller companies may have an advantage: that of clarifying - for all companies, and therefore not only for those that can make use of the new regime - on the crucial principle of inherence. And this, indirectly, is also inferred from circular 11 / E / 2017. On several occasions, the Court of Cassation and Revenue have identified (for businesses) the source of the relevance in Article 109, paragraph 5, of the Tuir. However, this interpretation was not convincing. In fact, this rule establishes that negative components, other than interest expense, are deductible "if and to the extent" in which they refer to goods or activities from which taxable and excluded revenues and income derive. Which, from an “indirect” reading it means that the negative components that refer to exempt income are non-deductible. The confirmation comes from the second sentence of paragraph 5, which begins by saying "if they refer". It is clear that this provision can only refer to the negative components referred to in the first period, for which the second period wants to establish that the negative components, when they refer to goods or activities from which they derive both positive components of taxable and excluded and exempt income, they are deductible according to the specifically regulated "pro-rata". Ultimately, the two periods of Article 109, paragraph 5 of the Tuir do not regulate inherence at all, but a different and more limited concept of deduction of negative income components (inherence also concerns positive components). This conclusion has multiple consequences. The most important is that the corrections of the so-called anti-economy cannot be based on article 109, paragraph 5 of the Tuir. In fact, since anti-economy is considered a question referable to inherence, the offices arrange to review it on the basis of the same article 109, paragraph 5 of the Tuir, in consideration that it refers to the extent of expenses. But this is a mistake since, as we have seen, the law governs a completely different matter. Therefore, the adjustments on the anti-economy must be brought back to the provisions of article 39 of Presidential Decree 600/1973. This means that if the office does not recognize - as a consequence of the anti-economy - the deduction of a negative component must represent the reasons why the expense has no connection with the activity carried out (this is the concept of inherence) or if it reduces the amount by a percentage (as many are done) it will be an analytical-inductive correction which entails the burden of proof on the office on the basis of serious, precise and consistent elements. Another consequence is that, since Article 109, paragraph 5 of the Tuir is not the source of inherence, it cannot be argued that the interest expense escapes a review of inherence, given that the law admits negative components as a deduction " other than interest expense ". In reality, even the interest expense, to be admitted to the deduction, they must be inherent. The confirmation that the inherence is not governed by article 109, paragraph 5 of the TUIR is now reflected in the new “cash” regime for smaller companies. In fact, the law establishes that the income is given (in principle) by the difference between the revenues received and the expenses incurred "in the running of the business". In this way, the inherence principle is also established, which must necessarily be established for subjects who do not determine income starting from the profit or loss in the financial statements. Then, in paragraph 3, article 66 refers to a series of rules for which the ordinary rules of deduction envisaged for subjects in ordinary accounting apply. Among these rules, article 109, paragraph 5 of the Tuir is cited, but certainly not to recall the principle of inherence, given that it has already been established previously, but rather to affirm the non-deductibility of the negative components in the face of exempt income and the deduction through the pro rata when the negative component refers indiscriminately to taxable, excluded and exempt revenues and income. All this is also stated in the circular 11 / E / 2017. In essence, the Agency also confirms that inherence is not at all governed by Article 109, paragraph 5 of the Tuir. 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