Italian VAT update
The latest Italian VAT Decree contains a range of simplification measures, and was issued at the end of November.
The VAT compliance changes include:
- Italian companies planning intra-community transactions will now be granted a VIES registration automatically, rather than the current 30-day approval period.
- Following an order from the European Commission, Italy has dropped the requirement for a bank guarantee or insurance policy in favour of the State for VAT credits below €15,000. Where above this amount, companies may still avoid the need for a guarantee if the can produce a report from a qualified Italian tax lawyer that the credit is worthy.
- Intrastat filings have been simplified
- Italian ‘Black Lists’ will only have to be produced on an annual basis for transactions above €10,000
- The deduction of VAT on freely provided services is to be limited to €26 per supply
- The requirement on suppliers to secure a letter of intent on sales to regular exports is switched to the regular exporter
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