Italy VAT update
Sat 24th Jun 2017
A range of changes to the Italian VAT regime have now been enacted, including:
- A commitment to VAT rate rises if the government fails to meet its Euro budget rules:
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- Restricted VAT credit applications to the annual return due in the following year. This will apply for the 2017 annual return, due in 2018.
- A commitment to VAT credit refunds within 60 days
- Introducing an outside audit requirement for the offset of VAT credits above €5,000 against other taxes due
- Including Italian publicly quoted companies in the split payments requirement of VAT submitted directly to the tax authorities. This is applicable from 1 July 2017.
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