here’s what changes for professionals

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Pos Bonus starting from July 1st: here's what changes for professionals

For the professionals the July 1, 2020 is a date to keep in mind, because from the first day of the next month the tax credit for the commissions charged by the Banks and financial operators who make available the Pos for payments through credit cards, debit cards, prepaid cards and other electronic payments. Translated, it is a tax bonus equal to 30% of what is charged for expenses, and the purpose of the measure is to encourage the use of the electronic money.

30% tax bonus

The costs incurred by professionals (individuals and associates) and from companies on traceable transactions, i.e. those with credit cards, debit cards and other electronic payments, from Wednesday 1 July will become a tax bonus equal to 30% of the amount charged for bank charges. This is what the Tax Decree 2020 (law 157/2019), and applies to professionals that in the previous year have made revenues or fees up to 400 thousand euros, regardless of the accounting regime adopted and the legal type chosen for the exercise of the activity.

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Electronic money

Incentive to use

The tax bonus of 30% of the amount charged for bank charges is intended precisely to encourage the use of electronic money, and the tax credit will be usable, exclusively in compensation, starting from the month following that of incurring expenses. as highlighted by the subjects managing the electronic payment acceptance tools (Pos). The credit must be indicated in the tax return of the vesting period and in the subsequent returns for the residual amounts not yet used in compensation. This credit does not contribute to the formation of income for the purposes of income tax and IRAP.

How to get the tax credit

To obtain the credit, communication must be sent, using the software provided by the Revenue Agency, in which both the number of transactions carried out in the reference period and the amounts of the commissions and periodic fixed costs charged by the financial operators who make available the Pos.

The communication must be made by the 20th of the following month and the credit, accrued on a monthly basis, can be used starting from the following month.

The text of the law 157/2019

Tax credit on electronic payment commissions – Eliminated the penalties for non-acceptance of payments made by debit and credit cards 1) Article 22, paragraph 1, recognizes business operators, art or professions, a tax credit equal to 30% of the commissions charged for transactions carried out by credit, debit or prepaid cards issued by financial operators subject to the obligation to communicate the identification data of each person who has relationships with them; these include banks, the Italian Post Office Spa, financial intermediaries, investment firms, UCIs, asset management companies. During the examination in the Chamber of Deputies, paragraph 1-bis was introduced which recognizes the same tax credit also for transactions made using other traceable electronic payment instruments. To cover the aforementioned objective expansion, estimated at 1.4 million euros for the year 2020 and 2.8 million euros starting from the year 2021, provision is made for the corresponding reduction of the Fund for structural interventions of economic policy ( FISPE).

Paragraph 2 establishes that the tax credit referred to in paragraphs 1 and 1-bis is due for the commissions due in relation to transactions for the sale of goods or services to final consumers carried out from 1 July 2020, provided that the revenues and fees of the previous tax year recognized by the beneficiaries do not exceed 400,000 euros. Pursuant to paragraph 3, the credit can be used in compliance with the European legislation on de minimis aid. Paragraph 4 specifies that the benefit in question can only be used in compensation by means of form F24 starting from the month following the month in which the eligible expenses were made. It must be indicated in the tax return relating to the tax accrual tax period and in the tax returns relating to the subsequent tax periods up to the one in which its use is concluded. It does not contribute to the formation of income for income tax purposes or to the value of production for IRAP purposes. Furthermore, it does not contribute to the formation of the measure that entitles the corresponding deductibility of interest expense or other negative income components, pursuant to the IRES regulation.

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