VAT Refund for Expenses on Others’ Property: Landmark Decision by Supreme Court on May 22, 2024

• The Supreme Court ruling on May 22, 2024 allows for VAT reimbursement for expenses on goods owned by others
• Marco Peirolo, a chartered accountant in Turin and member of the VAT and other indirect taxes commission at the CNDCEC, discusses the decision
• The right to deduct and refund VAT is based on the same principles, allowing for reimbursement of VAT for renovation or maintenance work on properties not owned by the taxpayer but held under a personal right of enjoyment
• The Supreme Court ruling emphasizes the importance of a connection between the goods and the business activity for VAT reimbursement
• The concept of “depreciable asset” for VAT purposes differs from the one used for income tax purposes.

Source: ipsoa.it

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.

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