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BonelliErede

Covid-19 Task Force

This document is provided as a service to clients and other friends for informational purposes only.

It should not be construed or relied on as legal advice

“Cura Italia decree”

Legislative Decree No. 18 of Mar. 17 and additional updates

20 March 2020

03 Measures to strengthen the national health service

13 Measures to support employment

25 Measures to support liquidity through the banking system

45 Tax measures to support liquidity of families and businesses

Other provisions

53 Provisions regarding: delays or non-fulfilment of contractual obligations due to the measures to

contain the virus, advance payments for public contracts, and administrative procedures

56 Provisions regarding road transport and public transport

62 Provisions regarding shareholders’ meetings

Corporate criminal law

68 Criminal liability in relation to the use of, and to information attested to in, the new self-certification

introduced by the Ministry of the Interior

69 Criminal liability in relation to the matters address in the Ministry of Interior decrees of 17 and 18

Mar.

Measures to strengthen the national

health service

04 BonelliErede Covid-19 Task Force

Provision RecipientsValue/time of

application Recommendations Notes

Strengthening

of local

healthcare

centres by

involving and

indemnification

of private

organisations

(Art. 3)

- Regions and

autonomous

provinces of Trento

and Bolzano

- Local healthcare

centres

(aziende sanitarie)

- Accredited and

non-accredited

private organisations

Term: until 31 Jul,

according to the

resolution of the

Italian Council of

Ministers of 31 Jan.

The indemnity is

calculated on

the market rates

on 31 Dec.

The accredited and

non-accredited

private organisations

must provide

medical staff,

premises, and

equipment at the

request of: (a)

regions and the

autonomous

provinces of Trento

and Bolzano, and (b)

local healthcare

centres.

The private

organisations will be

indemnified




Temporary

sanitary areas

(Art. 4)

- Regions and

autonomous

provinces of Trento

and Bolzano

- Public and private

healthcare

centres/hospitals.

Term: until 31 Jul.,

according to the

resolution of the

Italian Council of

Ministers of 31 Jan..

Accreditation

requirements do not

apply to hospitals or

healthcare centres

for the duration of

the emergency.

The regions and the

autonomous provinces

of Trento and

Bolzano can set up

temporary sanitary

areas in public and

private hospitals,

healthcare centres, and

assistance and

reception centres.

Funding for

production and

supply of

medical

devices

(Art 5)

Medical devices

manufacturers


according to the

resolution of the

Italian Council of


Amount: EUR

50m for 2020.

Through Invitalia S.p.A.

the extraordinary

commissioner (for the

implementation and

coordination of the

measures to contain the

COVID–19 emergency)




- Head of the Civil

- Protection Dept.

- Prefects

- Private and

public entities


according to the

resolution of the

Italian Council of


can provide medical

device and personal

protective equipment

manufacturers

preferential

financing, unsecured

funding and

management account

loans.

Owners are granted

an indemnity for

any asset (movable

or immovable),

requisitioned

The Head of the Civil

Protection

Department can

request the requisition

from any private or

public entity, of:

Requisition

(Art 6)




(a) healthcare and

medical-surgical devices,

and (b) movable goods

designed to implement

and support the

measures to contain the

COVID-19 emergency.

At the proposal of the

Civil Protection

Department (in

consultation with the

Prevention Department

with territorial

jurisdiction), the prefect

can request the

requisition of




immovable assets (e.g.,

hotels) to implement

and support the

measures to contain

the COVID-19

emergency

Recognition

of

professional

health

qualifications

(Art. 13)

Health professionals Term: until 31 Jul.,

according to the

resolution of the

Italian Council of


Interested health

professionals must

submit an

application to the

related region or the

autonomous

provinces of Trento

and Bolzano

accompanied by a

certificate of

enrolment in the

professional register

of their country of

origin.

Health professionals

with foreign

qualifications

regulated by EU

directives can

practice in Italy.




Quarantine does not

apply to employees of

companies that: (a)

manufacture medicinal

products, medical

devices and/or

personal protective

equipment; (b) are

involved in research; or

(c)are in the related

supply chain.

The employees must

stop working if they

suffer respiratory

problems or test

positive to COVID-19.

Health

monitoring

(Art. 14)

Companies

and their

employees

that: (a)

manufacture

medicinal

products,

medical

devices

and/or

personal

protective

equipment,

and (b) are

involved in

research; or

(c) take part

in the related

supply chain




Manufacturing

of surgical

masks

(Art. 15)

Companies. Term: until 31 Jul.,

according to the

resolution of the

Italian Council of

Ministers of 31 Jan

Companies that

wish to avail of this

measure must send

the Italian National

Institute of Health

a self-certification:

(a) describing the

product’s

characteristics, and

(b) confirming that

the product

complies with safety

requirements.

Companies can

manufacture, import

and market surgical

masks as an exception

to current regulation.

Surgical masks are

considered suitable

for health workers.

Protection of

workers and

community

(Art. 16)

- Companies

- employees and

- community.


according to the

resolution of the

Italian Council of

Ministers of 31 Jan

For employees who

cannot keep one

metre’s distance from

others at work,

surgical masks are

considered personal

protective equipment




Experimental

studies and

compassionate

use

(Art. 17)

- AIFA (Italian

Medicines Agency)

- National Institute of

Infectious Diseases

Lazzaro Spallanzani’s

Ethics Committee

(Rome) ( “Ethics

Committee”)

- Companies that

manufacture medicinal

products and/or

medical devices

- Doctors


according to the

resolution of the

Italian Council of

Ministers of 31 Jan

AIFA has access to all

the data from

experimental studies

and compassionate

use of medicinal

products for patients

with COVID-19.

The Ethics

Committee collects

from the promoters:

(a) all the protocols

for the experimental

studies on medicines

of phase II, III and

IV




(for the treatment of

patients with

COVID-19) (and the

related amendments),

and (b) requests from

doctors for

compassionate use

of medicinal

products.

Measures to support employment

Measures Beneficiaries Amount/TermOperational

GuidelinesComments

Ordinary

wages

guarantee

fund

(“CIGO”) for

the COVID-19

emergency

(Art. 19)

- Employers that

fall within the scope

of CIGO.

- Employees

hired on or

before 23 Feb.

2020 (normal

minimum of 90

days in employ

does not apply).

- Interested parties

must first notify the

local trade unions

and, if any,

company trade union

representatives/

unitary trade union

representatives of

the intention to

request CIGO.

- Planned requests

are examined jointly

with trade unions by

video conference

within three days

from the day trade

union

representatives are

notified of the

request.

- The COVID-19

CIGO periods are

not considered for

the calculation of

the limits for other

wage supplementary

funds requests and

are not taken into

account when

evaluating

subsequent requests.

- Employers are

exempt from paying

the mandatory

additional

contribution to the

CIGO.

1

1 i..e., employers in the following sectors: (a) industrial manufacturing, transport, mining, plant installation, production and distribution of energy, water and gas; (b) production and work cooperatives that carry out work similar to

that of workers in industrial enterprises, except for the cooperatives listed in Presidential Decree No. 602 of 30 April 1970; (c) enterprises in the forest, forestry and tobacco industries; (d) agricultural and livestock cooperatives and

their consortia that carry out processing, handling and marketing of their own agricultural products for employees with permanent contracts only; (e) enterprises in the rental and distribution of films and in the development and

printing of film; (f) industrial enterprises for the pressing of olives on behalf of third parties; (g) ready-mix concrete producers; (h) enterprises engaged in electrical and phone installations; (i) railway fitting-out enterprises; (j) industrial

enterprises that belong to public bodies, unless the capital is wholly owned by the public authorities; (k) industrial and craft enterprises in the building industry and related sectors; (l) industrial enterprises engaged in the quarrying

and/or processing of stone materials; and (m) craft enterprises that provide quarrying and processing of stone materials, except those that process in laboratories with facilities and organisation separate from the quarrying (Art. 10 of

Legislative Decree No. 148/2015).

- Amount: 80% of the

total salary employees

would have earned

ordinarily for each

hour of non-

performed work, up

to a monthly gross of:

(a) EUR 998.18 for

employees with a

monthly salary of up

to EUR 2,159.48, and

(b) EUR 1,199.72 for

employees with a

monthly salary of over

EUR 2,159.48.

Term: from 23 Feb.,

for periods of a

maximum of nine

weeks and, in any case,

until Aug. 2020


GuidelinesComments

-Requests must be

submitted to INPS

by the end of the

fourth month

following the

suspension/

reduction of

working hours.

-EUR1,347,200,000

is the spending limit

for 2020.

- Any ongoing

availing of the

extraordinary wages

guarantee fund

(“CIGS”) can be

suspended and

replaced with the

COVID-19 CIGO

for a maximum of

nine weeks.



GuidelinesComments

Wage subsidy

allowance

(“FIS”) for

the COVID-19

emergency

(Art. 19)

-Employers

enrolled in the wage

subsidy fund (Fondo

di Integrazione Salariale

– FIS) and those

with fewer than 15

employees.

- Employees hired

on or before 23 Feb.

(normal minimum

of 90 days in employ

does not apply

- Amount: 80% of

the total salary

employees would

have earned

ordinarily for each

hour of non-

performed work, up

to a monthly gross

amount of: (a) EUR

998.18 for employees

with a monthly salary

of up to EUR

2,159.48, and (b)

EUR 1,199.72 for

employees with a

monthly salary of

over EUR 2,159.48.

- Requests must be

submitted by the

end of the fourth

month after the

suspension/

reduction of

working hours.

- The spending

limit for 2020 is

EUR

1,347,200,000.

-Employers are

exempt from paying

the mandatory

additional

contribution to the

wage subsidy fund.

- Ongoing availing of

the wage solidarity

allowance can be

suspended and

replaced with this

allowance for a

maximum of nine

weeks.

2

2 I.e., employers with more than 5 employees and not included in the scope of CIGO and CIGS or enrolled in specific bilateral solidarity funds.

3 No mention of this contribution in the new measures for the other wage supplementary funds, as the contribution is already provided by law.

4 Bertonico, Casalpusterlengo, Castelgerundo, Castiglione D’Adda, Codogno, Fombio, Maleo, San Fiorano, Somaglia, Terranova dei Passerini and Vo'.



GuidelinesComments

4




- Wage subsidy

allowance is available,

in the period

indicated, also for

employers enrolled in

the wage subsidy fund

with fewer than 15

employees.

- The subsidy may be

granted, at the request

of the employer, by

direct payment by the

National Insurance

Institute (INPS).

- Term: from 23

Feb., for periods of

up to nine weeks

and, in any case,

until Aug. 2020.

Exceptional wages

guarantee fund

(Cassa Integrazione

In deroga)

(Art. 22)

- Employers not

falling within the

scope of

CIGO/FIS and

- Amount: the same

applicable for

CIGO.

- Trade-union

agreement (for

employers with more

than five employees).

-This provision must

be read in conjunction

with the previous one

for exclusively the “red

zones”



GuidelinesComments




having no CIGS

ongoing, excluding

employers of

domestic workers.

- Employees hired

on or before 23

Feb. (no seniority

requirement

provided by the

Decree).

- Term: from 23

Feb., for periods

lasting up to a

maximum of nine

weeks.

- Notional

contribution is

granted for

employees. 3

- Regions and

autonomous

Provinces adopt

decrees accepting

requests on a

chronological basis

- The spending limit

for 2020 is EUR

3,293,200,000.

- The exceptional

wages guarantee

fund is paid directly

and exclusively by

INPS.

and the regions of

Lombardia, Veneto

and Emilia Romagna

seth forth by Law

Decree No. 9/2020.

Operating procedures

will be established by

each region.

Working parents

with:

- Amount: 50% of

the total salary; as an

alternative to

- Requests for

parental leave must

be submitted to

INPS.

Parental leave

(Art. 23)



GuidelinesComments

- children of up to

the age of 12; or

- children who

suffer from

severe, recognised

disabilities and

who are enrolled

in schools or in

daycare centres.

parental leave, a

babysitter voucher for

EUR 600, to be paid

with the “family credit”

(“libretto di famiglia”)

-Term: from 5 Mar.

for up to 15 days

(continuous or not). -

Notional contribution

is granted for

employees

-Parental leave is

granted to one parent

only.

-Requests are granted

only if none of the

household members

benefits from

support measures for

suspension or

reduction of working

time.

Working parents in

the private sector

with children from

12 to 16 years old,

if none of the

household members

benefits from

support measures

for suspension or

reduction of

working time, or if

both parents work.

-Parental leave

granted for the

suspension period of

child-care services

and schools.

- No payment of any

indemnity.

-Right not to be

dismissed during the

leave



GuidelinesComments

Self-

employment

allowance

(Arts. 27–31)

Amount: EUR 600,

tax-free lump sum.- Requests

must be

submitted to

INPS.

- Requests are

accepted up to

the spending

limit.

5 The beneficiaries also include: (a) seasonal workers in the tourism sector, non-pensioners and non-employees; and (b) workers in the agricultural sector on

fixed-term contracts who are not pensioners.

5

- Freelancers with a

VAT no. on 23 Feb.

and enrolled in the

self-employment

contribution system

(Gestione Separata).

- Consultants in

employ on 23 Feb.

who perform their

work in a

continuous and

coordinate manner

(co.co.co.) and are

enrolled in the self-

employment

contribution systems

(“AGO”).



GuidelinesComments

Award for those

who worked at

the company’s

premises in

March

(Art. 63)

Employee-

income

holders with a

total income

of up to EUR

40k.

Amount: EUR 100, to

be compared to the

number of days of

work performed at the

company’s premises in

Mar. This is not to be

considered for

calculating income for

tax purposes

- Term: Mar.

Employers pay the

award with subsequent

adjustment

Awards are

automatically

recognised by

withholding agents

from April’s salary

and, in any case,

within the yearly

adjustment

operations.



GuidelinesComments

Prohibition on

redundancies

(Art. 46)

All employers

(compatible with the

specific redundancy

regulations).

All employees,

excluding

executives.

-Prohibition on starting

collective redundancy

procedures for 60 days

as from 17 Mar.

- Suspension for 60

days (from 17 Mar.) of

collective redundancy

procedures started after

23 Feb.

- Prohibition for

employers (regardless

of the number of

employees) of making

employees redundant

for objective reasons,

from 17 Mar. and for

60 days.



GuidelinesComments

Quarantine

(Art. 26)

Employees in the

private sector s.

- The period in

quarantine is considered

as period of illness for

the purpose of the salary

payments.

- The period is not

counted in the maximum

sick leave period under

the collective agreement

- Certification of

the state of illness

is required from

the attending

physician, with

details of the

measure which

established the

quarantine.

- Costs are borne

by the State for up

to EUR

130,000,000 for

2020

- Quarantine does

not apply to

employees of

companies in the

production of

medicines and

medical and

diagnostic devices or

of companies

carrying out research

in the related fields

and in the integrated

supply chain.

- Employees who

have respiratory

symptoms or test

positive have to stop

working.



GuidelinesComments

Italian

Insurance

Authority for

Accidents at

work

(“INAIL”)

coverage

(Art. 42)

Employees in the

private and

public sector

Cases of COVID-19

infections at work are

considered accidents

at work, resulting in

INAIL coverage.

Same coverage applies

for periods in

quarantine.

- Certification of

injury from the

attending

physician to be

sent to INAIL.

- The costs are

borne by INAIL

and are not

taken into

account to

determine the

average accident

rate.


Main measures to support liquiditythrough the banking system

Measure Addresses Details ExpiryOperational

guidelines

Central SMEs

Guarantee

Fund

(Art. 49)

1

- SMEs

(i.e., companies

that employ fewer

than 250 people

and have an annual

turnover of EUR

50 m or less or a

total annual

balance sheet of up

to EUR 43 m)

- Professionals

who are registered

with professional

bodies or are

members of

professional

associations

registered with the

Ministry of

Economy and

Finance

2

The following

temporary

measures derogate

from the ordinary

provisions:

- Guarantees are

issued free of

charge and no fee is

due in the event of

non-

completion/delay in

completion of the

financial transaction.

- The maximum

amount guaranteed

and the percentages

of coverage for each

company are

increased for both

direct guarantees

and reinsurance.

- No change to the

way to

request/activate the

guarantee; the fund’s

operational

guidelines (enacted

on 15 Mar. 2019)

remain applicable.

- Requests must be

submitted to, and

managed by, the

respective lender.

17 Dec.

1 Fondo di Garanzia PMI; see Art. 2, para. 100, point a, of Law No. 662 of 23 December 1996.

2 Art. 2 (Staff headcount and financial ceilings determining enterprise categories) of the Annex to Recommendation 2003/361/EC (pp. 36–41 of the Official Journal

of the European Union, L 124, 20 May 2003) states the definition of micro, small and medium-sized enterprises at European level.

Details

- The guarantee can be issued also in the event of debt re-negotiation transactions if, in the re

negotiations, additional credit is granted for at least 10% of the debt being renegotiated.

- Individuals who work in business, the arts or professions and whose business is damaged by

the Covid-19 health emergency can access the guarantee for new short-term financing of under

EUR 3 k by simply self-certifying the damage (without investigation by the fund)

- The term of the guarantee is automatically extended if loan repayment instalments are

suspended due to the Covid-19 health emergency

- The credit analysis required to access the fund is based only on the economic-financial form

not also the ‘trend form’ (modulo andamentale). This is to facilitate access by companies in

temporary financial distress – but access is denied to companies in financial difficulty and

companies with impaired or unlikely-to-pay debt.

- The guarantee may, under certain conditions, be combined with other forms of

guarantees securing financing related to real estate investment transactions in the

hospitality/tourism and real estate sectors.

- Deadlines for administrative procedures/obligations in connection with transactions

guaranteed by the fund are extended by three months.

The Ministry of Economy and Finance might identify (by decree) further kinds of operations for

which the fund’s coverage percentages could be raised, in accordance with EU legislation and

within the limits of available resources.

The Ministry of Economy and Finance, jointly with the Ministry of Economic Development, may

take further measures (by decree) to provide companies financial support



guidelines

Amendments

to the Savers

Indemnity

Fund

(Art. 50)3

3 Fondo Indennizzo Risparmiatori, instituted by Law No. 145 of 30 Dec. 2018 (as amended and supplemented) in accordance with and for the purposes of

Law No. 58 of June 2019 and Law No. 169 of 27 Dec. 2019.

Holders of

shares/bonds issued

by banks placed in

compulsory

administrative

liquidation between

16 Nov. 2015 and 1

Jan. 2018, as defined

in Art. 1, para. 494,

of Law No. 145 of

30 Dec. 2018

(“Savers”)

The following

temporary measures

derogate from the

ordinary provisions:

- Savers can receive an

advance payment (i.e.,

pending finalisation of

the allocation plan

(piano di riparto)) of

the indemnity due to

them for up to 40% of

the indemnity decided

by the Technical

Commission (as

identified in the 2019

budget law).

- The deadline for

submission of advance

payment claims is

extended from 18 Apr.

to 18 June.

Applications and

related attachments

must be submitted

online

(https://fondoinden

nizzorisparmiatori.co

nsap.it), from Aug.

2019 until 18 Jun.

2020.

N/A


https://fondoindennizzorisparmiatori.consap.it/


guidelines

Implementation

of First Home

Mortgage

Solidarity Fund

(Art. 54)

4 This fund (Fondo Solidarietà Mutui Prima Casa, also known as Fondo Gasparrini) was set up by the Ministry of Economy and Finance for first-home buyers.

It enables employees who took out a mortgage loan to purchase their first home to suspend mortgage payments for up to 18 months if they find themselves in a

temporary difficult financial situation.

4

- Self-employed

workers

(lavoratori

autonomi)

- Professionals

(liberi

professionisti)

- Employees

(lavoratori

subordinati e

parasubordinati)

already benefit

from this measure5

5 Art. 26 of Law Decree No. 9 of 2 March 2020 also extends the fund’s scope by adding “suspension from work or reduction in

working hours for at least 30 days” to the reasons that can be invoked to support a suspension request.

The following temporary

measures derogate

from the fund’s ordinary

provisions:

- Self-employed

workers and

professionals are

eligible for a

suspension of

mortgage payments

for up to 18 months if

they self-certify that they

have recorded, in a

quarter following 21

Feb. (or in the shorter

period between the date

of application and 21

Feb.), a 33% or more

decrease in revenue

17 Dec. Applications for

suspension must be

submitted directly to

the lending bank using

the forms available on

the following websites:

- www.dt.tesoro.it

- www.consap.it

The lending bank

submits the application

to the public company

in charge of providing

public insurance

services (CONSAP

S.p.A.), which

authorises the

suspension after

verifying the applicant’s

eligibility

http://www.dt.tesoro.it/

http://www.consap.it/


guidelines

compared to the last

quarter of 2019, and

that the decrease is due

to closure or restriction

of their work following

Covid-19 emergency

measures.

- Access to the fund

does not require

submission of the

Equivalent Economic

Situation Indicator

(ISEE).



guidelines

Financial

support for

companies

(Art. 55)

- Companies that

assign impaired

receivables (i.e.,

for which payment

is more than 90

days overdue)

against payment

(a titolo oneroso)

-The measure does

not apply to:

a) companies that

have been declared

bankrupt or

insolvent; or

b) intercompany

assignments of

receivables

- Assignors may

convert deferred tax

assets (DTAs) into a

tax credit (effective

from the date of

assignment) if the

DTAs relate to:

a) tax losses not yet

calculated as a

reduction in taxable

income under Art. 84

of the Italian Income

Tax Code (without

considering the limits

envisaged for entities

benefitting from a

profit exemption

scheme); and

This measure

applies to all

assignments of

impaired

receivables

against

payment

carried out by

31 Dec.

- The conversion is

optional and is subject

to the exercise of the

option rights under

Art. 11, para. 1, of

Law Decree No. 59 of

3 May 2016, which

entails payment of a

fee if an actual tax

payment does not

correspond to the

DTAs.

- The conversion does

not require the DTAs

relating to the relevant

items (i.e., ACE losses

or surpluses) to be

recorded in the

financial statements.



guidelines

b) economic growth

support (ACE, Aiuto

alla Crescita

Economica) surpluses

not yet deducted or

received through tax

credit.

- For the purposes of

conversion into a tax

credit:

a) the above items may

be considered for no

more than 20% of the

nominal value of the

assigned receivables;

and

- Tax credits do not

generate interest, do

not contribute to

the constitution of

the tax base and

may be:

a) offset without

limit of amount;

b) transferred under

Arts 43-bis or 43-

ter of Presidential

Decree No.

602/1973; and

c) requested for

refund



guidelines

b) the nominal value of

the assigned receivables

may be considered for a

maximum of EUR 2

bn, taking into account

all assignments carried

out by 31 Dec. (inc.

intercompany

assignments).

- From the effective

date of the assignment:

a) losses relating to

convertible DTAs may

not be calculated as an

income tax reduction;

and

b) ACE surpluses

relating to convertible

DTAs are neither

deductible nor

receivable through tax

credit.



guidelines

6 This special section of the Central SMEs Guarantee Fund has a budget of EUR 1.73 bn.

6

Financial

support for

SMEs affected

by the Covid-19

epidemic

(Art. 56)

- SMEs (as defined

above) with

registered office in

Italy

SMEs whose debt

exposures are

already classified

as impaired are

expressly excluded

from the scope of

this measure

7 Given the purpose of the provision and the definition of SME under Recommendation 2003/361/EC (which includes “any entity,

regardless of the legal form, engaged in economic activities”), it is unclear whether the measure extend also for the benefit of self-

employed workers and freelancers.

7

- SMEs may avail

themselves of the

extraordinary moratorium

instruments listed below

for debts to credit

institutions by simple

request accompanied by a

self-certification attesting

that they have suffered

temporary liquidity

shortages as a result of

the Covid-19 epidemic:

30 Sept. SMEs wishing to

benefit from this

measure must send a

request to the lender

accompanied by a

self-certification

(under Art. 47 of

Presidential Decree

No. 445/2000)

attesting that they

have suffered a partial

or total loss of

business as a direct

consequence of the

Covid-19 emergency.

Details

a) For bank overdraft credit facilities (aperture di credito a revoca) and credit lines providing

advances on receivables (anticipi su crediti esistenti) existing on or before 29 Feb. (or the date of

publication of the decree if later): the total amount granted (i.e., both drawn and undrawn

amounts) cannot be revoked in whole or in part until 30 Sept.

b) For bullet loans that mature before 30 Sept.: the loan agreements (together with their respective

ancillary aspects) are extended to 30 Sept. under the same conditions and without any formalities.

c) For loans and other financings repayable in instalments: instalments or lease payments due

before 30 Sept. are suspended until 30 Sept., and their repayment schedule is deferred (together

with ancillary aspects, and without any formalities) in a manner that ensures the absence of new or

increased charges for both parties.

- The above operations are also eligible, at the request of lenders (to be submitted online and

with no prior assessment needed), for the free-of-charge, subsidiary guarantee under a special

section of the Central SMEs Guarantee Fund, which can guarantee up to 33% of the

amounts drawn or of the extended/suspended instalments.


Measure Adresses Details ExpiryOperational

guidelines

Support,

through

guarantee

mechanisms,

for the

liquidity of

companies

affected by the

Covid-19

epidemic

(Art. 57)

-Companies not

eligible for the

guarantee of the

Central SMEs

Guarantee Fund

and operate in

sectors to be

identified by

ministerial decree

- Banks and other

authorised credit

institutions

- Cassa Depositi e

Prestiti S.p.A.

(CDP)

- The following

provisions are aimed at

facilitating access to

financing by entities

other than those eligible

for the guarantees of the

Central SMEs Guarantee

Fund:

(a) Lending institutions

that grant loans to

companies (other than

those eligible for the

Central SMEs Guarantee

Fund’s benefits) that

have suffered a reduction

in turnover due to the

Covid-19 health

emergency

-The criteria, terms and

conditions for the

granting of the support

and guarantee

instruments, and the

related enforcement

procedure, will be

established by decree

of the Ministry of

Economy and Finance,

in agreement with the

Ministry of Economic

Development.

N/A



guidelines

may benefit from CDP’s

support through specific

instruments, e.g.:

funding ceilings (plafond

di provvista) and/or

guarantees, inc. first-loss

guarantees.

b)CDP may benefit

from an onerous,

unconditional and

irrevocable State

guarantee to cover its

exposure to the banking

sector for up to 80%.

- The Ministry of

Economy and Finance

has set up a fund to

cover the State

guarantees granted

under this provision,

with an initial budget of

EUR 500 m for 2020.

-The decree will also

identify the sectors in

which companies

must operate to be

eligible. In any case,

complementarity with

the Central SMEs

Guarantee Fund must

be ensured.



guidelines

Suspension of

repayment

terms for

Fund 394/81

(Art. 58)

8 This fund (set up under Art. 2, para. 1, of Law Decree No. 251 of 28 May 1981) is managed by Simest S.p.A. to support the internationalisation of

exporting companies. As also set out in the explanatory memorandum to the Cura Italia decree, this measure will affect 1,457 companies in all sectors.

8

Companies

benefitting

from

subsidised

loans under

Fund 394/81

- Payment of principal

and interest on

instalments due in 2020

of subsidised loans

granted under Fund

394/81 may be suspended

for up to 12 months.

- This suspension does

not appear to

automatically go into

effect at the debtor’s

request but is subject to

the fund’s evaluation

-No indication

provided as to the

operational

procedures to activate

the benefit; nor does

it leave the regulation

of these aspects to

implementing

measures.

-The ordinary

communication

methods should be

followed in the

absence of specific

directives.

31 Dec.


guidelines

Support for

Italian

regions’

purchase of

goods needed

to cope with

the Covid-19

epidemic

(Art. 59)

- Foreign

companies

supplying regions

with goods related

to the management

of the Covid-19

health emergency

- Italian and foreign

banks and financial

institution

- SACE S.p.A.

- SACE is temporarily

authorised to issue

guarantees and insurance

cover – at market conditions

and that may, in turn, benefit

from a State guarantee – to

the following entities:

(a) foreign companies

supplying the regions with

goods related to the

management of the Covid-19

emergency; and

(b) Italian and foreign banks

and financial institutions that

comply with adequate

principles of supervision,

capitalisation and operations,

for loans granted in any form

to finance the activities under

the above bullet point and

any related activities.

When the

Covid-19

health

emergency

is over.

SACE will set out

the operational

procedures based

on its own

governance rules

and within the

limits indicated

annually by the

budget law.


Measure Addresses Content ExpiryOperational

guidelines

Interna-

tionalisation

(Art. 72)

All companies -The “Integrated

Promotion Fund” is to be

established to carry out,

among others, the

following initiatives:

(a)extraordinary

communication campaign

to support exports and

internationalisation in the

agri-food sector and other

sectors affected by the

Covid-19 health emergency;

(b)co-financing of

promotional initiatives

aimed at foreign markets;

and

(c)creation of a separate

section under Fund 394/81

for the granting of

9

9 The fund has an initial allocation of EUR 150 m for 2020

10 For more on Fund 394/81, please see this document’s commentary on Art. 58.

10

The

derogation

from the

Public

Procurement

Code applies

until 31 Dec.

The fund’s operational

procedures and

purposes will be set

out by decree of the

Ministry of Foreign

Affairs and

International

Cooperation, in

agreement with the

Ministry of Economy

and Finance.


guidelines

non-repayable co-financing

of up to 50% to companies

benefitting from subsidised

loans under Fund 394/81.

- To streamline and speed

up the procedures for

awarding supply, works and

service contracts relating to

the above initiatives,

negotiated procedures

may be used without prior

publication of the notice

(in accordance with Art.

63, para. 6, of the Public

Procurement Code).


- The percentage of advances

due to companies entitled to

access CAP funding may also

be increased from between

50% to 70%.


guidelines

Support for

the

agricultural

and

fisheries

sector

(Art. 78)

Agricultural

enterprises,

fisheries and

aquaculture

enterprises

- A fund is to be

established to ensure the

business continuity of

eligible enterprises.

11 This fund is set up by the Ministry of Agriculture, Food and Forestry, with a budget of EUR 100 m for 2020.

12

- The fund is set up for:

(a)total coverage of interest

expenses on bank loans for

working capital and debt

restructuring;

(b)coverage of interest

expenses accrued over the

last two years on loan

agreements entered into by

eligible enterprises; and

(c)temporary suspension of

fishing activity.

The fund’s criteria

and methods of

operation and

implementation will

be set out by one or

more decrees of the

Ministry of

Agricultural, Food

and Forestry Policies,

in agreement with the

Permanent

Conference for

relations between the

state, the regions and

the autonomous

provinces of Trento

and Bolzano.

12 CAP stands for the EU’s Common Agricultural Policy, which is the set of rules that the EU has established for the agricultural sector.

11

N/A


guidelines

Emergency

funds for the

entertainment,

cinema and

audiovisual

sectors

(Art. 89)

Companies

operating in the

entertainment,

cinema and

audiovisual sectors

Two funds are to be

established for

emergencies in the

entertainment, cinema and

audiovisual sectors, to

support these sectors

following the restrictive

measures taken to cope with

Covid-19 health emergency.

13 These funds are envisaged in the Ministry of Cultural Heritage and Activities and Tourism’s budget, with an endowment of EUR 130 m for 2020.

13

The operational

procedures and the

methods of allocation

of resources to eligible

companies will be set

out by decree of the

Ministry of Cultural

Heritage and Activities

and Tourism, which is

to be adopted by 16

Apr.

N/A

Budget increase

for the Aviation

Sector Solidarity

Fund

(Art. 94)

14 This fund was established under Art. 1-ter, para. 1, of Legislative Decree. No. 249 of 5 October 2004, with the main purpose of encouraging the

change/renewal/update of professional skills and implementing active policies to support the income and employment of workers in the aviation sector.

14

Companies

operating in air

transport and

airports

-The fund’s current budget is

to be increased by EUR 200

m.

-Under para. 2 of this article,

an extraordinary wage

supplement for employees of

The benefits

under para. 2

of this article

are effective

from 17 Mar.

to 31 Dec

- The fund’s

operational structure is

unchanged; thus, the

existing guidelines

apply.

-A special agreement

must be entered into,



guidelines

a company in crisis may be

authorised if the company

has ceased or ceases

production and concrete

prospects exist for the sale

of the business and

consequent reintegration of

the employees

(riassorbimento

occupazionale)

15 Within the limit of EUR 200 m (i.e., the budget increase envisaged under para. 1 of this article).

15

with regard to the

benefits under

para. 2, at the

governmental

level involving the

Ministry of

Labour and Social

Policies, the

Ministry of

Infrastructure and

Transport, the

Ministry of

Economic

Development and

the region

concerned.


Tax measures to support liquidity

of families and businesses


Measure Beneficiaries Value/duration Operative

InformationsNotes

Tax credit for

2020 for

sanitation of

offices and

equipment

(Art. 64)

Companies, sole

entrepreneurs and

professionals

Amount: 50% of

sanitation expenses

related to offices and

equipment – up to a

maximum credit of

EUR 20 k

Expenses must be

properly

documented..

- The application

procedure will be

regulated by a

ministerial decree to

be issued within 30

days from the entry

into force of this

decree.

- EUR 50 m is the

overall amount

available

Tax credit for

2020 for

shops

(Art. 65)

Companies and sole

entrepreneurs who

run their business

from properties

under the cadastral

category C1 (shops)

Amount: 60% of

the rent for Mar.The credit can be

offset exclusively

against taxes due.

The tax credit is not

available to taxpayers

that provide the

essential services listed

under annexes 1 and 2

of the priministerial

decree of 11 Mar.

(e.g., pharmacies,

parapharmacies and

grocery shops).



InformationsNotes

Tax incentives

for donations

in cash and in

kind

(Art. 66)

Companies and sole

entrepreneurs- Donations in cash

and in kind are fully

deductible for the

corporate and regional

tax purposes

- Donations in kind do

not trigger any taxable

proceeds/capital gains

Donations in kind are

not subject to gift tax

Donations are

deductible for the

regional tax

purposes in the

financial year they

are made.

The tax incentives

apply to donations

(in cash or in kind)

to the state, regions,

local governments,

public bodies,

private foundations,

etc., to help combat

the Covid-19

pandemic.

Extension of

16 Mar.

deadline for

tax payments

(Art. 60)

All taxpayers The deadline is

extended to 20 Mar.

Penalties and interest

do not apply.

The extension

applies to all

payments due to

public

administrations,

including social

security

contributions and

compulsory

insurance premiums



InformationsNotes

Extension of

time limits for

tax

compliance

(Art. 62, paras.

1 and 6)

Taxpayers whose

tax domicile,

registered office or

place of

management is in

Italy

Time limits expiring

between 8 Mar. and

31 May are extended

to 30 Jun.

The normal deadlines

for filing “pre-

completed” tax

returns still apply.

Penalties do not apply The suspension

does not apply to

tax payments or

withholding taxes

Extension of

deadline for

payment of

VAT,

withholding

taxes and

contributions

for taxpayers in

the most

affected

industries

(Art. 61)

- Taxpayers in the

tourism sector (e.g.

travel agencies and

tour operators)

whose tax domicile,


place of

management is in

Italy.

Time limits for

payment of

withholding taxes

and contributions

expiring within 30

Apr. deferred to 31

May; 30 Jun for

sports associations

and clubs

VAT payment due in

Mar. deferred to 31

May

Payment must be

made in a lump sum

or in up to five

monthly instalments

by 31 May; 30 Jun.

for payment of

withholding taxes

and contributions

by sports

associations and

clubs. Penalties and

interest do not

apply.

The extension applies to:

-withholding taxes on

employment income and

income assimilated to that

of employees;

- compliance obligations,

social security

contributions and

compulsory insurance

premiums; and

VAT due in Mar.



InformationsNotes

Taxpayers in the

fields of sports,

arts and culture,

transport,

restaurants,

education and

assistance,

management of

fairs and events,

etc.

Extension of

time limits for

payment of

VAT,

withholding

taxes and

contributions

for small

businesses

(Art. 62, paras.

2, 3 and 5)

Companies, sole

entrepreneurs and

professionals whose:

- turnover was lower

than EUR 2 m in

2019; or

- tax domicile,


place of management

is in the provinces of

- Time limits

expiring between 8

Mar. and 31 Mar.

are extended to 31

May.

Extension only to

VAT for taxpayers

whose tax domicile,


place of

Payment must be

made in a lump

sum or in up to

five monthly

instalments by 31

May.

Penalties and

interest do not

apply.

The extension

applies to the

following:

- withholding taxes

on employment

income and income

assimilated to that

of employees and

withholdings taxes



InformationsNotes

Bergamo, Cremona,

Lodi or Piacenza

(regardless of

turnover amount)

management is in

the provinces of

Bergamo, Cremona,

Lodi or Piacenza

(regardless of

turnover amount)

related to regional

and municipal

surcharges;

social security

contributions and

for compulsory

insurance

premiums;

and VAT.

Confirmation of

extension of

time limits for

tax compliance

obligations and

tax payments for

taxpayers in the

former “red

zones”

(Art. 62, paras. 4

and 5)

Taxpayers whose tax

domicile, registered


place of management

is in the former “red

zones”

Extension of time

limits expiring

between 21 Feb.

and 31 Mar. to 31

May is confirmed.

- Payment must be

made in a lump sum

or in up to five

monthly instalments

by 31 May.

- Penalties and

interest do not apply.

The extension applies

to:

- tax obligations,

including those

deriving from payment

orders and assessment

notices; and deduction

at source on

employment income

and income assimilated

to that of employees

and on remuneration

paid by the state.



InformationsNotes

Extension of

tax collection

deadlines

(Art. 69)

All taxpayers

Deadlines expiring

between 8 Mar. and

31 May are

extended to 30 Jun.

Payment must be

made in a lump sum

by 30 Jun.

The extension

applies to all tax

and non-tax

payments enforced

by the Italian tax

authority.

Mention for

taxpayers

who fulfil

their

obligations

(Art. 71)

Mention on the

MEF’s website

All taxpayers

The “mention” is

awarded to taxpayers

that fulfil their tax

payment obligations

irrespective of one or

more of the

extensions under the

decree.

The measure will be

implemented by the

MEF through a

ministerial decree.

Other Provisions


Measure Beneficiaries Value/duration Operational

GuidelinesNotes

Advance

payments

under the

Public

Contracts

Code

extended to

urgent works

(Art. 91, para.

2)

Companies that are

parties to public

contracts for

works, services and

supply

Amount: 20% of

the contract value

- Requests must be

submitted to the

contracting

authority.

- All the necessary

steps for the release

of the bank

guarantee/insurance

surety required by

law must be

completed to receive

advance payment.

Advance payments

are made within 15

days from the

beginning of the

works

Suspension of

the time limits

on

administrative

procedures

(Art. 103, para. 1)

Companies in

procedures

underway on 23

Feb. or started after

that date

Term: 23 Feb.–15

Apr.

- Consider the

suspension in

business planning.

- Consider the

suspension’s impact

on existing contracts.

The suspension

applies to:

- procedures initiated

at the request of a

party or ex officio;

- procedures to be



GuidelinesNotes

- Submit a reasoned

request to the

competent

authority for

expeditious

conclusion of a

procedure due to

urgency.

concluded by tacit

assent/implicit

rejection; and

procedures managed

by public

administrations in

the strict sense or

parties considered

equivalent to those. Extension of

validity of

expiring

certificates,

permits,

concessions,

authorisations/

licences and

other

permissions

(Art. 103, para.

Companies with

certifications,

permits,

concessions,

authorisations/licen

ces and other

permissions that

expire between 23

Feb. and 15 Apr.

Term: until 15 JunConsider the

extension in

planning business

activities.

No exceptions apply.



GuidelinesNotes

Provisions

concerning

delays in the

performance

of contracts or

breach of

contract due to

the

implementatio

n of Covid-19

containment

measures

(Art. 91, para. 1)

Companies Compliance with the

Covid-19 containment

measures might

exclude liability for

delays/breach of

contract.

Keep documentation

proving

implementation of

Covid-19

containment

measures

Applicability

requires a case-by-

case assessment.

Suspension of

enforcement of

eviction orders

on tenants of

residential and

non-residential

property(Art. 103, para. 6)

Companies

enforcing/subject to

eviction orders

Term: until 30 Jun.

Provisions regarding road transport and

public transport

Provisions regarding shareholders’ meetings


Subject DetailsOperating

Instructions

Closed companies

(companies other than

those whose shares are

traded on multilateral

trading facilities or

widely distributed

among the public)

Shareholders’

meetings convened

on or before 31 Jul.

(and after this date if

the COVID-19

emergency is still

ongoing)

Meeting date: all companies (S.p.A.,

S.a.p.a., S.r.l. and cooperative and

mutual insurance companies) must

convene their annual shareholders’

meeting to approve the financial

statements within 180 days from the

end of the financial year, with no need

to specify the reason for the delay (even

in the absence of the requirement to

draw up the consolidated financial

statements or special requirements

relating to the company’s structure or

purpose, under Art. 2364, para. 2, of

the Italian Civil Code).

Convening and voting: notices may

stipulate, even in derogation from the

articles of association, that shareholders

may attend by conference call or video

link and vote by email or post.

“Closed” S.p.A.s, S.a.p.A.s, S.r.l.s and

cooperative and mutual insurance

companies, which by nature have a

restricted shareholder base, may hold

their annual general meetings as

soon as the financial statements have

been prepared by no later than 180

days from the end of the financial

year (i.e., on or before 30 Jun.). In

any case, any ordinary or

extraordinary meetings convened on

or before 31 Jul. may be:

- held exclusively by

teleconference or video-link

only if all attendees can be

identified and it is possible for

them to exchange documents

and take part to the discussions;

or



Instruction

This may be offered as the only way to

attend if all attendees present can be

identified (as always when attending via

conference call or video link).

Chairperson, secretary and notary:

these may attend by conference call or

video link, furthermore:

- the chairperson, secretary and notary

need not be present in the same

place; and

- the secretary can be the only person

physically present, unless the

chairperson appoints someone else to

identify attendees, in which case that

person must attend (this will

probably the case for companies

whose shares are traded in the capital

markets).

- held at a location, with attendance in

person, that complies with the sanitary

measures applicable on the date and

relevant by reason of the attendees’ number

(on today’s date, the following protocol

applies: Protocollo condiviso di regolamentazione

delle misure per il contrasto e il contenimento della

diffusione del virus Covid-19 negli ambienti di

lavoro, which was adopted on 14 Mar.).

S.r.l.s may opt to not convene a meeting to

approve the financial statements and may

pass all other shareholder resolutions by

written consultation or voting by post or

email (but the 180-day deadline for

approving the financial statements still

applies).

For meetings for which a notice of call has

already been sent/published, certain aspects

may need a case-by-case analysis.



Instruction

Written consultation: S.r.l.s are not

required to convene a shareholders’

meeting; they may resolve on

decisions by written consultation or

express written consent by post or

email (regardless to the subject of the

decision).

The operating instructions derive

from Art. 106 of Law Decree No.

18 of 17 March, Maxim No. 187 of

the Milan Notarial Board and Prime

Ministerial Decree of 8 Mar.

Listed companies

(listed companies and companies

whose shares are traded on

multilateral trading facilities or

widely distributed among the

public)

Shareholders’ meetings

convened on or before 31

Jul. (and after this date if the

COVID-19 emergency is still

ongoing)

All the above applies also to listed

companies.

In addition, for ordinary and

extraordinary shareholders’

meetings convened on or before 31

Jul., both listed companies and

companies whose shares are traded

on multilateral trading facilities or

widely distributed among the public

may:

The above instructions apply

mutatis mutandis to listed

companies.

The rules governing: a) the requests

to add agenda items, b) the

proposal of new resolutions, c) the

right to submit questions before the

meeting, and d) the “appointed

representative” (the proxy

template), still apply (the decree

introduced no changes).



Instruction

designate an “appointed

representative” (under Art. 135-

undecies of Law Decree No. 58 of 24

Feb. 1998) – even in derogation

from the articles of association; and

stipulate in the notice of call that the

shareholders may attend only

through the appointed

representative

Companies need to adapt their

respective practices to avoid disputes

concerning those items

Criminal law


Content NotesPenalties

Confirmation that the holder: is

aware of the regulations restricting

personal freedom of movement

and of the related penalties; is not

subject to quarantine; and has not

tested positive for Covid-19.

Declaration that the journey is

justified by: proven work-related

needs; necessity; health reasons; or

return to home, domicile or

residence.

The form includes space to include

any additional details considered

useful.

Imprisonment for up to three

months or a fine of up to EUR

206, for breaching the

restrictions on freedom of

movement (Art. 650 of the

Italian Criminal Code).

Imprisonment for one–six

years for making false

statements in the self-

certification form (Art. 495 of

the Italian Criminal Code).

Anyone who exposes others

to the risk of contagion could

be charged with negligent

and/or wilful misconduct to

the detriment of public

health

Criminal liabilities related to the new self-certification form

Measures Exeptions Expire Penalties Notes

Restrictions regarding

people permanently

or temporarily

entering Italy do not

apply to: ‘travelling

personnel’ employed

by companies with

registered offices in

Italy; healthcare

workers entering to

exercise their

profession; cross-

border workers,

entering and leaving

for work or returning

to their residence,

home or domicile.

Permanent stay:

People entering

Italy must

immediately

notify the

prevention dept

at the local

health authority

of their entry;

they will be

subject to health

surveillance and

14-day self-

isolation.

Anyone who

show symptoms

associated with

Covid-19 must

promptly call

25 March Imprisonment for

up to three months

or a fine of up to

EUR 206, for

breaching the

measures (Art. 650

of the Italian

Criminal Code)

Imprisonment for

up to two years in

case of untrue

declaration for

temporary stay

(Art. 483 of the

Italian Criminal

Code)

Employers who

induce an employee to

act or make

declarations in breach

of the measures may

be liable as an

accomplice in the

crime provided for

under Art. 650 of the

Italian Criminal Code.

Anyone who exposes

others to the risk of

contagion could be

charged with negligent

and/or willful

misconduct to the

detriment of public

health.

Criminal liabilities related to Ministry of Infrastructure and Transport Decrees of 17 and 18 March 2020

People entering and moving in Italy

1 The decree of 18 March also includes provisions on the modes of maritime transport to and from Sicily, further restrictions on rail transport, and

Italian Civil Aviation Authority (ENAC) authorisation for private flights.

2 The expression in Italian is personale viaggiante and seems to refer to people who work in the transport sector.

1

2



Measures

the local authority’s dedicated hotline.

Temporary stay: people entering Italy for proven work-

related needs for a maximum of 72 hours (extendable

by a further 48 hours), must provide a declaration

certifying the need for entry. Anyone who shows

symptoms associated with Covid-19 must promptly

notify the prevention department at the local health

authority and self-isolate.

People’s transport to and from Sicily is

suspended, with the exception of members of

the Police and Armed Forces, public and private

healthcare workers, commuting workers or

movements motivated by proven needs (related

to work, serious health reasons, situations of

necessity)

For further information: [email protected]

bonellierede covid-19 task force€¦ · 07 bonellierede covid-19 task force provision recipients...

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