- The Italian Revenue Agency has provided an interpretation regarding the deadline for issuing VAT variation notes.
- According to the agency, the closure of a bankruptcy procedure does not allow for immediate VAT variation if there are pending judgments involving the bankruptcy.
- The agency states that the outcome of the judgments, along with the executability of any supplementary distribution plan, must be awaited before issuing the VAT variation note.
- Prior to recent changes, the issuance of the note depended on the conclusion of the bankruptcy procedure or the deadline for creditors’ observations.
- The closure of the bankruptcy procedure is not hindered by pending judgments, and the trustee retains procedural legitimacy.
- Sums for future expenses, litigation costs, and amounts received by the trustee are withheld until the closure of the bankruptcy, at which point they are subject to supplementary distribution among creditors.
- The agency’s interpretation applies to procedures initiated before May 26, 2021, while new regulations will apply to procedures initiated after that date.
- The agency’s interpretation has a limited temporal effect and aims to resolve the issue of VAT variation deadlines.
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.
