This thesis studies the topic of trademark revaluations through Article 110 of Decree-Law No. 104 of August 14, 2020. This measure is part of a larger aid plan introduced by the Italian lawmaker to support companies in difficulty due to the effects caused by the Covid-19 pandemic. The goal was to provide companies with significant losses with a tool to ensure their business as a going concern. However, the lawmaker had to intervene to substantially change this article because the charges related to the rule were found, ex post, to be significantly underestimated; this change was introduced through the Budget Law 2022. Keeping in mind the original rationale of the law, this paper investigates the actual use of this aid by focusing specifically on the tax benefits linked to it. Through an analysis of a sample of companies, it is shown how the large trademark revaluations mainly affected companies that were not in difficulty in terms of business as a going concern; still, the lawmaker's misjudgment was estimated quantified at about 500 million euros for the first year alone. Subsequently, the behavior of some of these companies in response to the changes introduced by the Budget Law was investigated, confirming that this intervention served to limit the error without, however, solving the problem from the root. Finally, the conclusions provide alternative proposals that the lawmaker could have implemented to avoid the misalignment between the original rationale of the law and the actual result achieved.
Questa tesi studia l’argomento delle rivalutazioni dei marchi tramite articolo 110 del Decreto-legge del 14 agosto 2020, n. 104. Tale misura rientra in un più grande piano di aiuti introdotti dal legislatore italiano per supportare le imprese in difficoltà a causa degli effetti provocati dalla pandemia di Covid-19. L’obiettivo era fornire alle società che hanno registrato forti perdite uno strumento che ne garantisse la continuità aziendale. Il legislatore, tuttavia, è dovuto intervenire a modificare sostanzialmente tale articolo in quanto gli oneri collegati alla norma sono risultati, ex post, significativamente sottostimati; questa modifica è stata introdotta attraverso la Legge di Bilancio 2022. Tenendo a mente la ratio originaria della legge, questo elaborato indaga sull’effettivo utilizzo di questo aiuto concentrandosi nello specifico sui vantaggi fiscali ad esso collegato. Attraverso un’analisi su un campione di società viene dimostrato come le grandi rivalutazione dei marchi abbiano riguardato principalmente società non in difficoltà in termini di continuità aziendale; ancora è stato stimato l’errore di valutazione del legislatore quantificato in circa 500 milioni di euro solo per il primo anno. Successivamente è stato indagato il comportamento di alcune di queste società in risposta alle modifiche introdotte dalla Legge di Bilancio confermando che tale intervento è servito a limitare l’errore senza tuttavia risolvere il problema dalla radice. Nelle conclusioni vengono infine fornite delle proposte alternative che il legislatore avrebbe potuto attuare per evitare il disallineamento tra la ratio originaria della legge e l’effettivo risultato ottenuto.
Rivalutazioni dei marchi attraverso il "Decreto-legge Agosto 2020" e l'impatto della "Legge di Bilancio 2022"
MONTAGNA, MATTEO
2021/2022
Abstract
This thesis studies the topic of trademark revaluations through Article 110 of Decree-Law No. 104 of August 14, 2020. This measure is part of a larger aid plan introduced by the Italian lawmaker to support companies in difficulty due to the effects caused by the Covid-19 pandemic. The goal was to provide companies with significant losses with a tool to ensure their business as a going concern. However, the lawmaker had to intervene to substantially change this article because the charges related to the rule were found, ex post, to be significantly underestimated; this change was introduced through the Budget Law 2022. Keeping in mind the original rationale of the law, this paper investigates the actual use of this aid by focusing specifically on the tax benefits linked to it. Through an analysis of a sample of companies, it is shown how the large trademark revaluations mainly affected companies that were not in difficulty in terms of business as a going concern; still, the lawmaker's misjudgment was estimated quantified at about 500 million euros for the first year alone. Subsequently, the behavior of some of these companies in response to the changes introduced by the Budget Law was investigated, confirming that this intervention served to limit the error without, however, solving the problem from the root. Finally, the conclusions provide alternative proposals that the lawmaker could have implemented to avoid the misalignment between the original rationale of the law and the actual result achieved.È consentito all'utente scaricare e condividere i documenti disponibili a testo pieno in UNITESI UNIPV nel rispetto della licenza Creative Commons del tipo CC BY NC ND.
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https://hdl.handle.net/20.500.14239/2366