Italy: VAT compliance, reporting elections due 31 December

Italy: VAT compliance, reporting elections

New value added tax (VAT) compliance measures were published 28 October 2016 in the official gazette, and generally are effective 1 January 2017.

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The VAT compliance measures include options for:

  • Quarterly electronic transmissions to the Italian tax authorities of certain VAT information (invoices issued, received, and booked and customs-related information)
  • Electronic transmissions to the Italian tax authorities of daily payment details by retailers

Retailers and VAT payers electing to comply with these reporting measures will benefit from certain relief such as priority processing of VAT refund requests and a reduced statute of limitations (one year) on VAT assessments. The elections must be made by 31 December 2016.

 

Read a November 2016 report [PDF 183 KB] prepared by the KPMG member firm in Italy

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