Italy update on new Spesometro VAT declaration
The tax office has provided detailed requirements for the new Italian VAT declaration, Spesometro, which provides detailed analysis of VAT transactions about €3,600.
New Italian VAT filing requirement
The Spesometro filing was first proposed in 2010, but is only being enforced this year. The first annual report is due in September 2013 for 2012.
It will provide an analysis of:
- Transactions with invoices above €3,600
- Transaction with compulsory invoices
- Cash transactions with non-EU individuals.
There are a number of exemptions, including: imports, exports and intra-community supplies. Details of transactions should include the date, VAT number of the customer and VAT rate applied.
The first 2012 filing is due by 12 November 2013 for filers of monthly returns. Italian VAT registered businesses filing quarterly returns are due to file by 21 November 2013.
More information about Spesometro VAT declaration.
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