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LAVORO AUTONOMO (SELF-EMPLOYMENT): remuneration deriving from the habitual practice of handicrafts and professions (all activities performed as a company are therefore excluded).

LIBRI CONTABILI (ACCOUNT BOOKS): books that must be kept by all subjects with an economic business which is relevant for tax purposes, apart from specifically provided cases of exemption; recently, the obligation to keep accounts has been considerably simplified.

LICENZA FISCALE DI ESERCIZIO (FISCAL LICENCE FOR BUSINESS): an authorization required in order to run a commercial business dealing with goods that are subject to excise duty, such as liquors, perfumes, wine, beer and alcohol. It is obtained by submitting a request to the Finance Technical Office (Customs Office) of the main town of the area where the business will be based.

LIQUIDAZIONE DELL’IMPOSTA (TAX SETTLEMENT): the activity performed by the Revenue Agency in order to determine the tax owed.

LIQUIDAZIONE DELLA DICHIARAZIONE (SETTLEMENT OF THE TAX RETURNS): check on the income tax return carried out automatically by the Information System of the Revenue Agency; through the settlement it is possible:

• to correct material and calculation errors made when determining the taxable income, taxes, contributions and premiums, as well as the indication of tax surplus and of contributions from previous tax returns;

• to reduce any detractions, deductions and credits claimed in excess of those allowed by law, or that are not due on the basis of the data resulting from the tax return;

• to verify that payments of taxes, contributions and premiums owed, as well as the deductions at source made as withholding agent, are correct and respect the relative deadlines.

When the settlement reveals a different result with respect to the one indicated in the tax return, the Revenue Agency sends the taxpayer or the withholding agent a special notice in order to:

• prevent errors being repeated in next tax returns;

• straighten out formal aspects;

• allow the taxpayer or the withholding agent to communicate possible data and elements not considered in the settlement to the Tax Administration.

Starting from the income tax return submitted in 2007, any notices from the Revenue Agency regarding irregularities in the settlement of the tax return submitted are sent as an online notice to CAF and to the qualified professionals, who inform the taxpayers concerned about the result of the settlement of the tax return reported in the notice received. If no errors are detected in the automatic settlement, the taxpayer receives a notice of regularity, aimed at reassuring him/her about the result of the settlement. The settlement must be concluded by the beginning of the period when the tax returns relating to the following year must be submitted.

LIQUIDAZIONE IVA (VAT SETTLEMENT): act of determining the tax owed for the period referred to (one- or three-month period), obtained by deducting the VAT on purchases for which the detraction is allowed from the VAT on taxable sales. If the resulting difference is in favour of the taxpayer, the relative amount is detracted in the following period. The end of year balance – determined by the difference between the amount of tax resulting from the declaration and the total of the sums paid periodically - must also, obviously, be paid.

LISTE SELETTIVE (SELECTIVE LISTS): lists of taxpayers who, on the basis of particular criteria and indexes of tax risk, have been selected by the tax administration to undergo inspection.

CONTRATTO DI LOCAZIONE (LEASE CONTRACT): commonly called rent, by this contract the lessor gives the tenant (lessee) the use of a property receiving a periodic payment, called rent fee(see registration of lease contracts).

LOCATARIO (LESSEE): the person who rents a property, against a payment.

LOCATORE (LESSOR): the person who rents out a property.