Increased VAT Thresholds for Reporting Purposes

Italian Ministry of Finance announced that the country increased the VAT thresholds that determine how often VAT has to be paid. In Italy, the tax is known as the IVA — Imposta sul valore aggiunto.

The affected thresholds were:

• the supplies of services turnover threshold of EUR 400 000 — lifted to EUR 500 000;
• the supplies of goods turnover threshold of EUR 700 000 — raised to EUR 800 000.

Source: 1stopvat.com

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