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The reform of the Third Sector

The contribution of the voluntary activity carried out by Third Sector organizations (TSOs) to support specific disadvantageous situations in the society is unquestionable. The growth in the third sector r now requires entities to pay attention to the legal form, the organization and the coverage of risks: in fact, according to the most recent data, the Third Sector is worth approximately 5% of GDP and involves 5.5 million volunteers.

This TopHic edition analyses some typical aspects of the Third Sector. The Expert’s opinion, in particular, concerns the financial statements, which are now subject to a specific regulation addressed to Third Sector organizations, while the Focus on analyses the tax aspects that concern not only Third Sector organizations, but also their consequences for donors.

 

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Overview - Third Sector - Attention and dedication

By Giulio Tedeschi - Partner Bernoni Grant Thornton

The contribution of the voluntary activity carried out by Third Sector organizations to support specific disadvantageous situations in the society is unquestionable. Without such contribution, many difficult situations would get even worse, where the government is unable to intervene. Players in the third sector are all those who [...]

 

Expert's opinion - Audit of TSOs financial statements

By Michele Milano - Partner Ria Grant Thornton

By reforming the third sector and introducing the Code of the Third Sector, the Italian legislator has reviewed and gathered different business and non-business entities, which were previously regulated under different accounting and tax rules. The reform of the third sector introduced a number of obligations [...]

 

Focus on - Amendments to the tax provisions of the Code of the third sector

By Sergio Montedoro - Partner Bernoni Grant Thornton

Law no. 122 dated 4 August 2022 (published in the Official Gazette no. 193 dated 19 August 2022), converting the so-called “Simplification” decree (Law Decree no. 73 dated 21 June 2022) introduced important modifications to the Code of the third sector under Legislative Decree no. 117/2017 (hereinafter, CTS). The modifications concern some aspects [...]