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omaggio non deducibile

English translation: free product/gift - not for deduction

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)

Italian term or phrase:	omaggio non deducibile
English translation:	free product/gift - not for deduction
Entered by:	cynthiatesser

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14:08 Nov 26, 2009

Italian to English translations [PRO]
Bus/Financial - Finance (general)

Italian term or phrase: omaggio non deducibile

Omaggi indeducibili:

1. Fornitore *** per € 3.152: registrato negli omaggi in realtà si tratta di materiale di informazione medico-scientifica depositato AIFA; si tratta di fornitore abituale

I am quite stuck with this term. If I understand "omaggio" to be free product (or gift) what does the term "omaggio non deducibile" refer to and why the sum of money? I would appreciate your help.

Frances Leggett KudoZ activity Questions: 107 (1 open) (3 closed without grading) Answers: 8 United Kingdom
Local time: 19:22

free product/gift - not for deduction

Explanation:
It is a free gift but the price of it is shown, probably together with other deductible expenses, Being a gift, this sum cannot be deducted from taxes as other costs can .

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Note added at 4 days (2009-11-30 16:59:33 GMT) Post-grading
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Many thanks!

Selected response from:

cynthiatesser
Italy
Local time: 20:22

Grading comment

Thanks to all who answered here and for all your explanations. This is the translation I decided to go with in my text.
4 KudoZ points were awarded for this answer

Summary of answers provided

5 +1

non tax-deductible gift (amount)

Ambra Giuliani

undeductible/not allowed free product/gift

Pompeo Lattanzi

free product/gift - not for deduction

cynthiatesser

Discussion entries: 1

Answers

14 mins confidence:

undeductible/not allowed free product/gift

Explanation:
Italian law is a mistery even for those who write it... I don't envy your position.
This refers to a common "fraud", or attempt thereof, where a discount is effectively given in the form of additional free product, which is invoiced as having zero value and therefore zero VAT. However the law says one must pay tax (VAT) in full (on the full undiscounted amount) and THEN deduct the free product from the amount payable. The circumstance thus is configured as VAT evasion for the part of VAT due for the free product.
Did I make myself understood? I frankly doubt it, but here is my two-cents-worth...

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Note added at 20 mins (2009-11-26 14:29:27 GMT)
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I'll try and refrase it.
The customer receives X amount of product on which he pays the regular amount of VAT. The supplier then sends free product: this is recorded in the supplier's books as a sale at zero value and zero VAT charged. Tax people say one can give away product at zero value, but the supplier has to pay VAT calculated on the normal price of the goods, even though he doesn't get that money from the customer.
This is the law, even though I do not exactly sympathise with the principle.

Pompeo Lattanzi
Italy
Local time: 20:22
Works in field
Native speaker of:

Italian
PRO pts in category: 32

2 hrs confidence:

peer agreement (net): +1

non tax-deductible gift (amount)

Explanation:
In the income tax declaration some of the deductions may include gifts of money or others gifts (translated in money equivalent). Some are tax deductible and some are not.

Ambra Giuliani
United States
Local time: 11:22
Works in field
Native speaker of:

Italian,

English
PRO pts in category: 36

19 mins confidence:

free product/gift - not for deduction

cynthiatesser
Italy
Local time: 20:22
Specializes in field
Native speaker of:

Italian
PRO pts in category: 4

Grading comment

Thanks to all who answered here and for all your explanations. This is the translation I decided to go with in my text.

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Changes made by editors

Nov 30, 2009 - Changes made by cynthiatesser:
Edited KOG entry	Frances Leggett's old entry - "omaggio non deducibile" => "free product/gift - not for deduction "

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omaggio non deducibile

English translation: free product/gift - not for deduction

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omaggio non deducibile

English translation: free product/gift - not for deduction

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KudoZ™ translation helpThe KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases.

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