- A new “destocking”/inventory finance regime was introduced in Italy under the revamped securitization law, allowing companies to monetize raw materials, semi-finished goods, and finished goods in stock.
- The mechanism works like securitization of assets rather than receivables, helping firms obtain liquidity earlier in the value chain.
- Two main structures are described: one where goods are ring-fenced but remain owned by the company, and another where the company sells the goods to an SPV, which then sells them onward.
- VAT treatment is complex, especially in hybrid or revolving structures, and depends on whether the transaction is legally characterized as a sale.
- A parliamentary question was raised to clarify whether destocking transactions should be subject to VAT at the goods’ own rate.
Source: eutekne.info
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
