The conversion of Law Decree n. 124/2019 (by Law n.157/2019) and the 2020 Italian Budget Law (Law n. 160/2019) were published in the Italian Official Gazette, respectively on 19 December and 27 December 2019. Both the new Law and the Budget Law enact new value-added tax (VAT) measures.
The key VAT measures include:
- Postponement of VAT rate increases
- New deadline for the submission of the so-called “esterometro”
- New rules regarding letters of intent
- Extension of the reverse charge for contract and subcontract agreements
- Place of supply rules related to the short-term hiring of pleasure boats
Source EY
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