The decree is referred to in English as the “simplification decree,” and it provides the following VAT-related relief:
- VAT refunds no longer require bank guarantees and insurance policies for VAT refunds of up to €15,000 (an increase from the current threshold of €5,000).
- The threshold for annual reports of sales and goods transactions is increased to trades of more than €10,000 with entities or trading partners located in “black list” countries (an increase from the current threshold of €500).
- There are amendments to the rules for the VAT information exchange system (VIES) enrollment for trading with EU partners.
- Relief is provided for “habitual exporters” by no longer requiring letters of intent received from customers.
- “Intrastat returns” are simplified for certain generic services.
- An increased VAT threshold of €50 applies for supplies made free-of-charge, thus matching the threshold that applies for deductions from corporate income tax.
Read a November 2014 report [PDF 358 KB] prepared by the KPMG member firm in Italy:Simplification Decree – VAT measures