Parliament approves tax reforms, including major VAT changes Italy’s Parliament last week approved wholesale reform of Italian tax including a number of changes to the Italian VAT system. The reforms are aimed at modernising the tax regime, making compliance easier and attracting foreign investment. The
Further extension of VAT rate cut to natural gas supplies until 30 September 2023 Italy has gazetted a further extension to the super reduced VAT rate on the supply of nature gas. The rate will continue to be 5%. The current temporary cut from 2021
Italy tax reforms may consolidate 3 reduced rates to 2 As part of a sweeping range of tax reforms announced by the Council of Minister, there are plans to simplify the Italian VAT rates. There will also be changes and improvements to the rules on
Reports of Italy’s Guardia di Finanza assessing €870 million VAT on users’ data offered to Meta (Facebook owner) as consideration for ‘free’ access to Facebook portal. Italian authorities are reported to have raised a €870 million VAT assessment on Meta Platforms for 2015 to 2021
EC paves way for increase from €65,000 to €85,000 from 1 January 2023 taking over 63,000 taxpayers out of the VAT regime The European Commission and European Council (20 Feb 2023) have backed Italy to increase its VAT registration threshold from €65,000 to €85,000 per annum.
For limited number of taxpayers, pre-completed VAT returns launch based on SdI e-invoicing The Italian Revenue Agency will offer the option of pre-filled VAT returns from this Friday for certain taxpayers. These are based on 2022 transaction data submitted via the Italian SdI e-invoicing regime.
Two rulings clarify VAT liabilities on Cryptoassets The Italian Agenzi Entrate has provided guidance on the VAT liabilities of Cryptoassets in two rulings VAT exemption for Cryptoassets Mining The tax authorities stated that mining or forging (creation) of cryptoassets is an exempt activity. This is
VAT compliance and reporting rules in Italy 2023 Below is summary of the major rules provided under Italian VAT rules (VAT Act (DPR 633/72)), plus adoption of EU VAT Directive provisions. Check our country VAT guides for other jurisdictions. Our VAT Calculator & VAT Filer products on
Anti-VAT fraud VAT splitting measure The Italian Department of Finance has extend the list of companies which suppliers must apply VAT split payments on. This requires suppliers to pay the VAT element of their sales invoice into special, blocked VAT bank accounts with the tax