In the context of a real estate fund, it is possible to legitimately exercise the option for the separate application of VAT, in relation to the development and redevelopment of own properties, with respect to other real estate sale and leasing activities, on the assumption that the activities present elements of uniformity and homogeneity in their essential characteristics such that they can be considered distinct and autonomous. This was clarified by the Inland Revenue with the response to ruling no. 123 of March 17, 2022 with which it provided clarifications on the subject of separate application of VAT and separation of activities in the context of a real estate fund.
Sources:
Latest Posts in "Italy"
- Briefing document: Italy Clarifies VAT Treatment for Transfer Pricing Adjustments: Direct Supply Links Required
- VAT Deduction Permitted for Importers Lacking Ownership of Goods
- Eligibility of Foreign Branch and Subsidiary to Form Separate VAT Group in Italy Confirmed
- Italian VAT Guide
- Italy Clarifies VAT Rules for Transfer Pricing Adjustments in Multinational Transactions
