We are pleased to announce the recent publication of our customary circular on the financial statements as of December 31, 2024.
This document, developed collaboratively by multiple experts, is the result of an in-depth analysis of accounting and tax regulations and practices. It is enriched with numerous practical examples.
Below are the key updates and areas of interest for 2024:

• Reintroduction of special provisions facilitating shareholder meetings to be held by December 31, 2025; however, the automatic extension to 180 days for convening meetings to approve the 2024 financial statements does not apply (section 1);
• Application of the new OIC 34 to revenues, particularly regarding the new treatment of cash discounts (section 3);
• Abolition of the "ACE" tax benefit starting from 2024 (section 5);
• Increase in the thresholds for preparing financial statements in abridged form and for micro-enterprises (section 8);
• Tax relevance, starting from 2024, of exchange rate differences of an evaluative nature that have not been realized ( section 12) ;
• "Super deduction" of the cost of new permanent employment hires ( section 31) ;
• Fiscal relevance of civil law valuations of "work in progress on order" (section 41)
• Halving of yield rates applicable to certain fixed assets for the purposes of the regulations on shell companies ( section 51) ;
• Continuation of the option not to write down securities recorded as current assets, provided there are no permanent losses ( section 59) ;
• Elimination in 2024 of the option not to recognize up to 100% of depreciation of tangible and intangible fixed assets in the Income Statement (which was applicable until the 2023 financial year), while maintaining the possibility of applying increased depreciation for buildings used by companies operating in specific commercial sectors (section 60);
• Continuation of the option to apply extra-accounting increased deductions for "super depreciation" and "hyper depreciation" related to investments from previous years (section 61);
• Continuation of the possibility of benefiting from a tax credit for investments in high-tech assets under the "Industry 4.0" framework made in 2024 (section 62);
• Introduction of a new optional regime for realigning values arising from extraordinary transactions (section 68);
• Elimination of the special treatment for potential civil law losses of the financial year, although losses from previous years that were "frozen" must still be considered in 2024 (section 70) ;
• Possibility of extraordinary tax redemption of tax-suspended reserves existing at the end of the 2024 financial year and also present in the 2023 financial statements ( section 76);
• Second year of application of the specific regime concerning negative components arising from (limited) blacklisted countries ( section 77).

The circular on the 2024 Financial Statements in pdf format is attached.