Italy new VAT reporting update
The Italian parliament has ratified two interim changes to the new 2017 VAT reporting regime. Previously, Italian VAT registered companies generally paid monthly VAT due with an annual VAT return in the following year. For 2017, quarterly VAT reporting will be required.
The two latest changes include:
- Intrastat acquisition reporting has been reinstated for 2017 only. Despatches are still required
- Electronic reporting of sales and purchase invoices will be required bi-annually for 2017. The first half-year submission will be due in September 2017. From 2018, this will change to quarterly.
The first quarterly VAT return under the new reporting regime is due on 31 May 2017.
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