Italy I Simplified Invoices Threshold Increased From May 2019

By |June 17th, 2019|

Italian resident or established businesses have, since 2013, been able to issue simplified invoices for transactions below EUR 100 in lieu of full VAT invoices. Now, Italy has increased this threshold to EUR 400 as of 24th May 2019. Simplified invoices contain more limited information than full invoices.  Increasing this [...]

Italy I Proposes VAT Rate Increase From 2020

By |June 17th, 2019|

The rates of VAT applied in Italy during 2018 are being maintained throughout 2019. The past couple of years has seen successive Italian budgets postpone scheduled yearly VAT rate increases.   However, current Italian legislation provides that if certain budgetary targets are not met, the following VAT increases will apply: As [...]

Italy | Mandatory Requirement to Report Corrispettivi From July 2019

By |May 29th, 2019|

This summer it will become mandatory for certain Italian retailers to electronically store and transmit their daily cash receipt data to the Italian tax authorities. Currently, retailers have the choice to either use a paper-based or electronic reporting system.  Under recently released guidance, as of 1st July 2019 shops with active [...]

Italy | Clarifies “Proof of Intra-EU Transport of Goods” in Preparation of “Quick Fixes “

By |May 28th, 2019|

The Italian tax authorities have recently published a reply to a ruling request specifying what documents would be accepted as proof of an intra-EU transport of goods taking place. This is so they might be eligible for the zero-rating that can apply to such supplies. The ruling explained that, generally, [...]

Italy | Immovable Property Excluded From Scope of “Frequent Exporter” Regime

By |May 10th, 2019|

Italian tax authorities clarified the scope of the “frequent exporter” regime does not apply to purchases of immovable property. Under Italy’s “frequent exporter” regime, qualifying companies may purchase supplies of goods and services under a VAT suspension mechanism, up to the volume of exports that were made in the previous [...]

Italy | Deadlines for Esterometro and Spesometro Filings Pushed Back to 30th April 2019

By |February 18th, 2019|

On 13th February 2019, the Italian Ministry of Finance announced that the deadlines for submitting the first Esterometro and last “so-called” Spesometro returns have been postponed from 28th February 2019 to 30th April 2019. The reason for the delay is help Italian businesses better comply with their tax obligations in [...]

Italy | Changes to VAT Rates under 2019 Budget | Spesometro Abolished | Launch of the Esterometro

By |February 13th, 2019|

Budget changes to VAT rates The Italian 2019 Budget Law has provided for the following main changes to Italian VAT rules: Maintenance of the 2018 VAT rates The increases to the standard and reduced VAT rates, anticipated under the 2018 Budget Law, have been postponed.  Therefore, the standard VAT rate [...]

Italy | Softened Launch of Mandatory Real-time e-Invoice Verification System Effective 1st January 2019

By |October 29th, 2018|

Earlier this year, we reported on Italy’s ambitious announcement to become the first country in the EU to adopt a live invoice verification regime, which would allow the tax authorities to audit and monitor transactions in real-time. Under recently amended legislation however, the plan has (for now at least) been [...]

Italy | Partial Postponement of Mandatory E-invoicing System for Supplies of Fuel

By |July 10th, 2018|

The start date of the mandatory real-time electronic invoice verification system for business-to-business (B2B) supplies of motor fuel sold at petrol stations, has been delayed to 1st January 2019. Before 1st January 2019, companies may continue to use fuel cards or to log purchases by traceable payments. The postponement has [...]

Italy | Set to be the First EU Country to Adopt Real-time Electronic Invoice Verification System

By |April 12th, 2018|

Hot on the heels of Spain and Hungary, who recently made waves introducing real-time invoice reporting, Italy has gone a step further in its quest to reduce the VAT gap by adopting the “clearance model,” whereby tax authorities will audit and monitor transactions in real-time. This system is being used [...]

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