Reductions in cash settlements limited; tightening electronic payment fine regime
Italy’s latest law decree (Number 146) entered into law last month and included a number of changes to the Value Added Tax rules. This included:
- Reduction of cash settlements limit from €2,000 to €1,000. This is an anti VAT fraud measure
- Inclusion of small businesses in the SdI e-invoice regime using the forfetario regime (turnover below €65,000)
- Delay to 1 July 2022 for the retailers to use the direct debit channel for direct payments and data reporting
- New fine regime for retailers not able to take electronic payments for credit and debit cards
- Ending of zero-rating on export services where not provided directly to the exporter
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