Italy: New guidelines for amending returns, resolving tax liabilities

Italy: New guidelines for amending returns

The Italian government approved a decree—Law Decree no. 193 (22 October 2016)—that transfers tax collection activities to a department of the Italian revenue agency and implements other changes with respect to amending tax returns and tax collection.

1000

Related content

The decree introduces changes to the legal framework for amending annual tax returns for Italian corporate income tax, regional income tax, and withholding tax. These amendments allow taxpayers to file amended returns to correct mistakes or omissions or to adjust taxable income before the expiration of the statute of limitations for the year for which the original return was filed. Penalties would continue to apply, but could be reduced under a voluntary self-disclosure mechanism.

There is also a special procedure being made available for resolving and settling certain tax liabilities, in some instances, by making installment payments.

 

Read an October 2016 report [PDF 193 KB] prepared by the KPMG member
firm in Italy

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit

KPMG's new digital platform

KPMG International has created a state of the art digital platform that enhances your experience, optimized to discover new and related content.