The Serie A club's place in the Europa League next season has been placed in serious doubt following the ruling
Europa League-bound Parma have been denied a Uefa licence by the FIGC's Appeals Committee following allegations of unpaid income tax.
Torino have been issued a licence and, if the Gialloblu's appeal to the High Court of the National Olympic Committee later this month fails, they will likely take their place in the competition.
Sporting director Pietro Leonardi explained the club's actions in a statement on their official website, revealing the matter came down to money spent by Parma to help other sides pay wages.
He said: "We were wrong, according to the FIGC commission, because we have 10 licenced players in another company with an incentive to sell.
"I make a concrete example with numbers: If a player earns €100,000 and the team that paid him, only €80,000 can be seen, Parma will give you the remaining €20,000.
"June 30 2014 was the date that these guys would have to pay the difference but, for the sake of the kids themselves, with generosity we gave financial advances periodically on which, according to the FIGC, we would have to pay income tax.
"While, as also repeatedly assured by our tax experts, this must be paid in full at the end of June 30, 2014.
"The contradiction? If we had not paid, there would have been problems. We should not take part in the Europa League for a reason like that?
"It is because of this contradiction that we will remain quiet and confident. According to the commission, in essence, it is to all intents a salary payment or advance payment.