Italy e-invoice VAT assessments 2017
Italy is to offer a voluntary e-invoice reporting regime to tax payers from 1 January 2017. The measure is designed to reduce VAT fraud and simplify reporting.
Businesses will be able to electronically submit their VAT purchase and sales invoice details, and have the authorities automatically calculate their monthly VAT liabilities.
Italy’s tax authorities are effectively offering to electronically create, store and send tax payers’ invoices on their behalf. The service is a major step towards the tax authorities taking over the calculation of tax liabilities from companies that currently self-assess their VAT liabilities and report via monthly/quarterly filings.
As an incentive for businesses to use the service, reporting obligations have been reduced – including Intrastat and Blacklist reports. Any VAT credit due a refund will receive an accelerated repayment, too.
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