Alice Mantovan examines the tax treatment of debt discharge gains in light of Italian Revenue Agency Circular No. 5/E/2026 and recent legislative and judicial developments. The analysis addresses Article 88(4-ter) of the Italian Income Tax Code (TUIR), the authentic interpretation introduced by Legislative Decree No. 186/2025, and the relationship between the tax exemption for debt discharge gains and the utilisation of tax losses. It also considers the new consolidated Income Tax Code, applicable from 2027, highlighting unresolved interpretative issues concerning controlled liquidation proceedings, indirect business continuity and the non-refundability of additional taxes previously paid.
Published in Crisi e risanamento No. 78/2026 by Euroconference.
