Italy extends VAT split payments
Italy has implemented the extension of its VAT split system regime.
The regime, which requires key parties to split the net and VAT payments to their suppliers, aims to prevent VAT fraud. The parties must pay the net consideration to their supplier, as normal, but must pay the VAT amount direct to the tax authorities.
The extension now means that impact businesses are:
- Public bodies
- Companies controlled by the state
- Companies controlled by local government
- Companies listed on the MIB stock exchange
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