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  • Studio Paci

📝Regulatory Update: Insights into Model 770/2024 📆

📊 Introduction

In the context of Italian regulatory and fiscal evolution, the Revenue Agency has published Provision No. 61647, marking a significant milestone for all withholding agents.

The Model 770/2024 has been introduced, aimed at collecting data related to withholdings and payments made in the tax year 2023.

🔍 Details and Innovations of Model 770/2024

The Model 770/2024 serves as an essential compendium for the communication of data concerning withholdings made during 2023, encompassing not only withholdings on dividends and income from participation but also extending to capital gains and financial operations.

Its structure, detailed in various sections (SF, SG, SH, SI, SK, SL, SM, SO, SP, SQ, SS, DI, ST, SV, SX, SY), is designed for a comprehensive and detailed declaration, including compensations, tax credits, and data related to amounts disbursed following third-party garnishment procedures.

Among the notable innovations are the introduction of a section dedicated to the revaluation of OICR shares, a special note for the flood emergency in the ST and SV sections, and a new column in the SX Section for managing the special integrative treatment credit.

These changes reflect the Agency's focus on market dynamics and territorial emergencies, offering flexible and suitable tools for taxpayer needs.

📌 Obligations and Deadlines

The directorial provision is based on Article 1, paragraph 1 of DPR 322/98, which establishes the criteria for drafting the declaration of withholding agents on approved models. Specifically, Article 4 of the decree imposes the obligation to submit the declaration for those required to operate source withholdings, as well as intermediaries and other subjects involved in fiscally relevant operations.

It is crucial to emphasize that the declaration must be sent electronically by October 31 of the year following the tax year, thus ensuring compliance with the regulatory timelines.


Who Must Submit Model 770/2024?

Model 770/2024 must be submitted by withholding agents, including a wide range of subjects such as capital companies, public entities, professionals, and businesses that operate income withholding.

This compliance is fundamental to ensure proper fiscal management and limit tax evasion through the tax withholding reversal.

Submissions must be made electronically using the F24 form for tax payments and the annual delivery of the CU model to the Revenue Agency.

🆕 What Innovations Does Model 770/2024 Introduce?

Model 770/2024 brings significant innovations for withholding agents, including the revaluation of OICR shares, a section for the flood emergency in the ST and SV sections, and a new column in the SX Section for the special integrative treatment credit.

These modifications have been introduced to reflect market dynamics and taxpayer needs, providing more suitable and flexible tools for fiscal declaration.

What is the Deadline for Submitting Model 770/2024?

The deadline for submitting Model 770/2024 is set for October 31, 2024.

It is essential for withholding agents to adhere to this timeframe to avoid penalties and ensure the correct declaration of withholdings and payments made in the previous tax year.

Submissions must be made exclusively electronically, through Fisconline or Entratel services, or via authorized intermediaries such as Chartered Accountants.


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