A new decree has been published on the 22/10/2016 by the Prime Minister, Mr. Renzi, and the Minister of finances and economic, Mr. Padoan, introducing new VAT obligations coming into effect from 1st of January 2017.
The decree brings two main changes in addition to the annual VAT return changes reported here:
- It will be necessary to provide a communication of every invoice that has been issued or received (Comunicazione dei dati delle fatture emesse e ricevute); and
- The communication of the VAT data from each periodic payment period (Comunicazione dei dati delle liquidazioni periodiche IVA);
The first point will be a replacement of the yearly Spesometro that is currently required. However this one must be submitted by electronic filing to the Tax Authorities, within the last day of the second month following the quarter it refers to. The information to be included on the return will be the invoice number and date, the VAT base, the VAT rate applied, the VAT amount, the kind of operation performed and the identification from the analogue. The failure to present the communication or an incorrect presentation of the data will result in a penalty of between € 25.00 up to € 25,000.00.
The second change is the need to communicate information related to the VAT Liquidazione, (i.e. the monthly and quarterly reporting periods) and the related payments. This form must be submitted within the last day of the second month following the quarter. In case of failure to present the communication, incomplete or unfaithful presentation, a penalty of € 5,000.00 up to € 50,000.00 will be applied.
In addition, from the 1st of January 2017, the communication of intrastat lists for goods and services purchased, the black list communications and the data communications will be abolished for the lease companies.