The Revenue Agency, with a provision dated 26 February 2024, approved form 770/2024. Furthermore, with the provision of 28 February 2024, the technical specifications for the electronic transmission of the 770/2024 model were approved.
Please note that the deadline for the electronic transmission of form 770 is set by article 4, paragraph 3-bis, D.P.R. 322/1998on October 31st of each year.
Persons interested in the presentation of the 770 model
Form 770/2024 must be presented to the Revenue Agency, directly by the obliged entities or through authorized intermediaries, for “summarize” the withholdings made in the year 2023 and the related payments.
In particular, subjects who, with reference to the year 2023:
- have paid sums or values subject to withholding tax on capital income, compensation for commercial start-ups, contributions to public and private bodies, redemptions from life insurance contracts, premiums, winnings and other financial income, including those deriving from participations in collective investment bodies in foreign securities, profits and other equivalent income deriving from shareholdings in joint-stock companies, atypical securities, and other income;
- have made withholding taxes upon payment of income from employment and similar work, income from self-employment, commissions and other income, sums following seizure by third parties or income deriving from short-term rental contracts.
With regards to capital gains, compensation for commercial start-ups, contributions to public and private bodies, redemptions from life insurance contracts, premiums, winnings and other useful financial income also deriving from shareholdings in joint-stock companies, atypical securities and different incomes must be indicated:
- the amount paid for this purpose (SF, SH, SK, SI, etc. executives);
- any withholding taxes and substitute taxes applied (ST framework);
- any credits accrued (left panel).
Conversely, for income from employed and similar work, income from self-employment, commissions and other income, seizures and expropriations and, finally, income deriving from short-term rental payments, the following must be indicated:
- any withholdings made (ST and SV framework);
- any credits accrued (left panel).
Quadro SF
In the SF part, with reference to the amount paid in 2023, the identification data of the recipients of capital income subject to withholding by way of advance payment must be indicated, such as capital income paid to resident subjects not carrying out business activities, proceeds paid to foreign permanent establishments of resident companies as well as compensation for commercial start-ups and contributions from public and private bodies.
This framework must also be used for the purposes of the communication that the subjects and intermediaries indicated in article 10, paragraph 1, Legislative Decree 461/1997, must carry out, pursuant to paragraph 2 of the same provision, in relation to capital income paid to non-residents who are not taxable or taxable at a reduced rate.
Quadro SG
In the SG section, the sums deriving from the surrender of life insurance and capital paid under life insurance or capitalization contracts as well as returns from pension benefits paid on a periodic basis and from life annuities with a social security function must be indicated.
Please note the novelty in line SG14, reserved for foreign insurance companies operating under the freedom to provide service regime (LPS) which have assumed the obligations of withholding tax must indicate in the line SG14, column 2the amount of mathematical reserves recorded in the budget for 2022 and in colonna 3 the tax due equal to 0.60% of the amount in column 2.
Furthermore, in rigorous SG23you must indicate:
- colonna 1the amount of the value of the insurance contracts resulting as of 31 December 2022;
- colonna 2the tax calculated at 0.60% of the value indicated in column 1 (article 44, paragraph 2, Legislative Decree 48/2023), taking into account the limits referred to in article 1, paragraph 2, last sentence, Legislative Decree 209 /2002, converted with amendments by Law 265/2002 (resolution no. 74/E/2013).
In the rigorous SG24Furthermore, you must indicate:
- colonna 1differential between the value of the mathematical reserve as of 31 December 2022 and the premiums paid by the subscriber;
- colonna 2the tax calculated at 14% of the value indicated in column 1;
- colonna 3, the sum of the funding provided by taxpayers, if it is different from the amount in column 2.
YES framework
The SI framework must be used to indicate the profits, paid in the year 2023, deriving from the participation in companies and entities subject to corporate income tax, as well as for the indication of data relating to proceeds equated to profits.
Following the changes introduced with Article 2, paragraph 6, Legislative Decree 138/2011 converted with amendments by Law 148/2011, profits must be indicated with exclusive reference to the collection date, not including the date of resolution of the dividends.
Box SI2 must contain the data relating to non-resident intermediaries who have appointed a tax representative in Italy, indicating:
- in point 1 the ABI code where assigned;
- in point 2 the international BIC/SWIFT identification code;
- in point 3 the Italian tax code if assigned or, failing that, an identification code issued by an administrative authority of the country of residence;
- in point 4 the name of the company or body;
- in point 5 the code of the foreign country to be taken from the specific table “SG – List of foreign countries and territories” reported in the appendix.
In the statement of profits paid in the year 2023 as issuer (line SI3), the Spas, Sapas, Srls, limited liability cooperatives and other commercial entities subject to IRES, which paid profits in the calendar year 2023 in any form and denomination, must indicate the profits paid in the year 2023 as issuer, including those relating to the shares placed in the centralized deposit system managed by Monte Titoli SpA, for which column 3 must not be completed.
Quadro SK
In part SK, the identification data of the recipients resident in the territory of the State of profits deriving from participation in Ires entities, residents and non-residents, in any form paid in the year 2023, excluding those subject to withholding tax or substitute tax.
Furthermore, the data relating to the proceeds deriving from securities and financial instruments referred to in article 44, paragraph 2, letter a), from participation and co-interest association contracts must also be indicated, as well as the data relating to the interests reclassified pursuant to the article 98, Tuir (in force until 31 December 2007).
This table must also include data relating to profits paid by listed (SIIQ) and unlisted (SIINQ) real estate investment companies and subject to withholding tax.
Furthermore, the data relating to subjects not resident in the territory of the State who have received profits subject to withholding tax or substitute tax even if on a conventional basis, as well as profits to which the provisions of the provisions apply must be indicated. articles 27-bis e 27-terPresidential Decree 600/1973 (see also article 10, paragraph 2, Legislative Decree 461/1997). However, the profits received by the subjects referred to in article 74, TUIR, do not have to be indicated. The communication must not be made in the case of transfer operations reported pursuant to Legislative Decree 167/1990, converted into Law 227/1990 (so-called fiscal monitoring).
Quadro ST
The structure of the ST framework in 4 sections remains confirmed:
- section I (Treasury);
- section II (Regional additional);
- section III (Withholdings on capital income);
- section IV (substitute taxes applied).
The presentation of the payment data in the first and second sections of part ST must be carried out in aggregate form: therefore payments which present identical information relating to the date of payment, the tax code and the reference period must be indicated in a uniform manner as well as, for section II, the Region code. In the case of payments coded with different notes (point 10), several lines must be completed in part ST.
We remind you that the Benedetti Chartered Accountants firm remains available for any further clarifications and insights: for any need contact us directly by email.
