A multinational group that restated its 2023 revenue below EUR 750 million under OIC 34 must still use the originally approved figures to determine whether the Global Minimum Tax applies, the Agenzia delle Entrate has said.
The Italian Tax Authority has ruled that a multinational group cannot use 2023 revenue figures restated under a new accounting standard to test whether it falls within the scope of the Global Minimum Tax (GMT). In Risposta n. 188/2026, the authority said the originally approved consolidated financial statements must be used.
The ruling concerns Company ALFA, the parent of an Italian multinational group that prepares consolidated financial statements under Italian GAAP, issued by the Organismo Italiano di Contabilità (OIC).
Threshold rule
Under Article 10 of Legislative Decree No. 209/2023, which implements EU Directive 2022/2523, the GMT (Pillar Two) applies where a group’s annual consolidated revenue equals or exceeds EUR 750 million in at least two of the four fiscal years immediately preceding the tested fiscal year. The tested year in this case is 2024.
Based on its originally approved consolidated financial statements for 2020 to 2023, ALFA exceeded the threshold in 2022 and 2023.
Change in accounting standard
From 1 January 2024, the new standard OIC 34 introduced revised revenue recognition rules based on economic substance, distinguishing between principal and agent. For agent operations, such as meal vouchers, revenue is recognised net of merchant costs, meaning only commissions are counted.
Under OIC 34, ALFA reported consolidated revenue of EUR 573 million for 2024. Under the former rules, the figure would have been EUR 1,058 million.
In line with OIC 29, which governs changes in accounting principles, ALFA retroactively restated its 2023 comparative figures in the 2024 financial statements. On the restated basis, 2023 revenue fell below EUR 750 million.
Question submitted
ALFA asked which figures it should use to test the four-year look-back threshold for 2024 in respect of 2023:
- the revenue in the originally approved 2023 consolidated financial statements, prepared before OIC 34; or
- the restated 2023 revenue presented as comparative data in the 2024 consolidated financial statements under OIC 34.
ALFA proposed the second option. On that basis, it would not meet the EUR 750 million threshold in two of the four preceding years, and the GMT rules and reporting requirements would not apply to it for 2024.
Tax authority’s view
The Agenzia delle Entrate rejected this interpretation, citing two grounds.
First, under Article 9(3) of Legislative Decree 209/2023, the Italian GMT provisions must be interpreted in light of the OECD Pillar Two Model Rules and Commentary. Paragraph 10 of Article 1.1 of the OECD Commentary states that the revenue threshold refers to the consolidated revenue reported in the approved Consolidated Financial Statements for the specific year.
Second, restating the 2023 figures under OIC 29 in the 2024 financial statements is done solely for comparative purposes (“ai soli fini comparativi”).
The authority concluded that comparative restated figures from a later year cannot replace the revenue shown in the originally approved financial statements for the GMT threshold test. ALFA must therefore rely on its originally approved 2023 financial statements, which keeps it within the scope of the GMT for 2024.
The ruling confirms that a change in accounting standard applied retroactively for presentation purposes does not alter a group’s revenue history for Pillar Two scoping.
