Napoli – A targeted attack on tax fraud was carried out by the military of the Provincial Command of the Guardia di Finanza of Naples, on behalf of the local Prosecutor's Office. The operation, coordinated by the GIP of the Court of Naples North, led to the preventive seizure of 347 million euro of credits claimed by 39 company, concentrated between the provinces of Naples and Caserta, but with ramifications as far as Rome and Milan.
In parallel, the following were carried out: numerous searches at accounting firms between Casoria, Rome and Milan.
The fraudulent mechanism
The investigations, conducted by the Frattamaggiore group, have revealed a complex system of tax fraud related to the abuse of Growth Decree (DL 34/2019). The companies involved, already hit by seizures in the past for phantom investments in the South, they would have submitted unfounded declarations to the Revenue Agency, claiming credits deriving from the transformation of advance taxes (DTA – Deferred Tax Assets) in tax credits.
The legislation allows the conversion into tax credits accumulated tax losses or ACE surplus (Aid for Economic Growth) not used, until 20% of bad loans sold within the 31 December 2020 (deadline later extended). However, the financial police's checks showed that the companies had neither tax losses nor surpluses that could justify the million euros required.
The illicit network and financial “vehicles”
The investigations have reconstructed a fraudulent credit flow, identifying two “vehicle” companies: a capital company and a Luxembourg mutual fund with a secondary office in Italy. These would have received 129 million euro of illicit credits, then reselling them to third parties to obtain illicit profits.
In total, the following were seized:
- 328,5 million euro of unearned deferred tax assets (DTA) credits;
- 18,5 million euro arising from alleged investments in the South never realized.
Damage of 2 billion euros averted
Today's operation is part of a broader fight against tax fraud carried out by the 2022, which has already blocked over 2 billion of non-existent credits, avoiding a huge damage to the treasury.
Investigations are continuing to ascertain any responsibilities of accountants and intermediaries involved in the fraudulent system. Meanwhile, the message from Yellow Flames it's clear: Whoever defrauds the state will not get away with it.
Article published by Gustavo Gentile on April 9, 2025, at 07:05 AM
Comments (1)
The operation seems to be very important to fight tax fraud, but I wonder if there are enough resources to control all the companies involved. The situation is complex and requires constant attention and commitment from the authorities.