Italy implements 2nd EU VAT Directive on Invoicing

Italy has announced plans to conform with the 2nd EU VAT Directive on invoices, including:

Use of Electronic Invoices

The new Italian VAT law gives detailed compliance requirements for the use, issuance, authenticity and control of e-invoices.

Simplified VAT invoices

Italy is to permit the use of simplified invoices, with reduced information requirements, for amounts below €100.  This applies only to local supplies, and precludes intra-community supplies.

Intra-community VAT invoices

Invoices for intra-community supplies must be issued within 15 days after the reporting period end.

Time of supply on intra-community supplies

The tax point for intra-community supplies will be at the time when the transportation of the goods from the EU commences.