Transfer of the tax credit, how to transform it into liquidity
One of the many problems of companies in Italy is the credit assignment. What does article 1266 of the Civil Code say? When the assignment is for consideration, the assignor is required to guarantee the existence of the credit at the time of the assignment (1). The warranty it can be excluded by agreement, but the assignor is always obligated to act on its own (2). If the assignment is a free titlethe guarantee is due only in the cases and within the limits in which the law places the guarantee for the eviction on the donor (3).
This is the way to clarify the transfer of credit, but then comes the operational aspect and from now on it becomes a problem. Find the bank that buys you the credit it is increasingly difficult, either because there is always someone who tends to cheat, or because it is not convenient enough for those who agree to translate into liquidity the credit itself. Question: How can this be done?
Indeed, there would be the possibility of immediately translating the credit. A exchange could be set up where the assignorprevia surety guarantee transfers the credit to a third party, who retains a percentage, which will also be certified by the accountant of the transferor in addition to the signature of the project manager and therefore of the technicians in charge, perhaps with the supervision of the Revenue Agencyso anyone interested in having a tax credit does nothing but buy it with the “discount”.
Question: will it be easy to apply? I assume that if well organized, the whole structure will bring immediate liquidity to the market. We have laws beyond measure in Italy, would it be enough to apply them, right? And finally a slogan very dear to me: NO CREDIT? NO ECONOMY!
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