- The Department of Finance has published lists on its website that identify the companies, organizations, and foundations that will be subject to split payment in 2024.
- Split payment is a mechanism where the VAT charged by the seller or provider in invoices must be paid directly to the tax authorities by the buyer or client, rather than to the supplier.
- The application of split payment is indicated in electronic invoices by reporting the value in the “VAT Liability” field.
- Authorization from the EU Council is required for this measure, and it has been granted until June 30, 2026.
- Starting from July 10, 2025, companies listed on the FTSE MIE index of the Italian Stock Exchange will be excluded from split payment for VAT purposes.
- Split payment applies to transactions with public administrations and certain entities, foundations, and companies identified by the Department of Finance.
Source: eutekne.info
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
