As I read the financial bill of Siena, Parma and Vicenza (and more to come), their capital gain from pure player exchange was way too horrible. But did they had to pay VAT? For example, a youth product without accounting value was sold for 3 million, thus the buyer had to pay an additional 600,000 (assume 20% for easy calculation). As it was a pure exchange deal, it means both clubs had to paid 20% for youth product of opposite side. Using 5-year amortization, that means 20% per year, it seems no benefit except the deal was done on 29 or 30 June the last few days of financial year: (+80% in the financial year that the deal competed, -20% x 5 year the actual contract last)

The main question was VAT was on the value-add, how about negative value-add, can the club apply for refund? For example, the player was purchased for 1 billion and used for 10 years, and sold for a peppercorn of 100 Euro, can the club say it had a negative value-add and refund? How about free agent and retire? (no final buyer)