The Italian Revenue Agency (Agenzia delle Entrate) explains the new rules regarding controls related to the allocation of a VAT number to individuals conducting business, art, or professional activities. The provision strengthens controls on newly allocated VAT numbers to prevent tax evasion. It also includes existing VAT numbers that have been inactive or have undergone changes. The Revenue Agency is tasked with conducting risk assessments on VAT taxpayers and may request them to present their accounting records. Failure to comply may result in the cancellation of the VAT number and a penalty of €3,000. The article also mentions the effects of VAT number cancellation, exclusion from the VIES database, and the possibility of requesting a new VAT number with the provision of a three-year bank guarantee. The new rules compare information from different databases to assess taxpayer risk.
Source: eutekne.info
