Interim payments
Interim payments are due on a monthly basis [before the 16th day of the month following the one to which the payment relates] or on a quarterly basis provided conditions are met [before the 16th day of the second month subsequent to the one to which the payment relates], except for the payment for the last quarter, which is due by March 16th of the next year [1% interest is due]. Moreover, a payment on account has to be made for the last monthly/quarterly payment by December 27th of each year. The payment on account is generally 88% of the last periodic VAT payment in the preceding calendar year.
EU purchases listing
Periodicity
Statement of intra-EU acquisition and "B2B" purchases services to file monthly or quarterly under conditions. Due for the 25th day of the month following the reporting period.
Intra-EU Listings – Threshold modified
Threshold for purchases have been changed since January 2018, i.e. € 100.000,00 for services and € 200.000,00 for goods.
New quarterly VAT reporting [Comunicazione dei dati delle fatture emesse e ricevute]
As from 01/01/2017, a company VAT registered in Italy will be obliged to communicate to the Italian VAT authorities the data contained in invoices issued and received on a quarterly basis. The information to be provided includes: data identifying the parties, invoice date and number, taxable base, VAT rate applied, VAT amount and kind of transaction. The data must be filed by electronic way before the last day of the second month following the quarter it refers to. Failure to present the communication or an incorrect presentation of the data will result in a penalty of between € 25 up to € 25,000.
New quarterly VAT computation [Comunicazione dei dati delle liquidazioni periodiche IVA]
As from 01/01/2017, a new quarterly communication of VAT calculation will be introduced. The data must be filed by electronically before the last day of the second month following the quarter it refers to. Failure to present the communication or an incorrect presentation of the data will lead to a penalty of between € 500 up to € 2,000.
Removal of VAT reporting obligations
The following obligations will be cancelled from 01/01/2017:
- Annual “Communication of sales and purchases list” [Spesometro]
- Monthly Registers of EU purchases of goods and services [Removal postponed to 2018]
- Annual Black-list report
- Annual return for leasing company
Administrative guidelines on new penalties systems
The implementation of the new administrative penalty system for VAT infringements came into force in January 2016. The Italian VAT authorities have published the first official guidelines regarding the application of the new penalties [circular letter n° 4/2016 dated 04/03/2016].
Be aware that fines are automatically applied in Italy notably in case of regularization of VAT due in the past. It is therefore important to anticipate and strategize. Don’t hesitate to contact us should you wish to discuss this freely.
Modification of the statutes of limitations
As from the fiscal year 2016, the period during which Italian VAT authorities are entitled to make a VAT audit is extended as follows:
- The tax assessment must be notified by 31/12 of the fifth year following the year in which the VAT return was submitted [instead of the term of four year provided by the old provisions].
- In case of failure to file any VAT return, the tax assessment can be notified by 31/12 of the seventh year following the year in which the tax return should have been submitted [instead of the term of five years provided by the old provisions]
- The extension of the statutes of limitations [ aiming at doubling the ordinary term] in case of criminal tax violation has been repealed.
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