Italy I Mandatory Requirement to Report Corrispettivi From July 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 VAT transactions above EUR 400 000 per annum will have to electronically submit daily reports.  These will be known as Corrispettivi and will detail the daily takings through specified, certified software.

Taxpayers with VAT transactions below this threshold must comply with this obligation as of 1st January 2020. Although this requirement is expected to only apply to Italian established companies, this has not been formally clarified by the authorities.