Deadline Extended for Issuing Credit Notes in Insolvency Proceedings, Clarifies Italian Tax Agency

• The deadline to issue a credit note has been postponed.
• The Italian Revenue Agency clarified the issuance of VAT credit notes during preventive agreements.
• If the supplier does not issue a credit note when the buyer is under a preventive agreement, it can be issued later when the procedure is deemed unsuccessful.
• A debtor applied for a preventive agreement, which was initially accepted, then revoked, and later reapplied and accepted.
• The question was whether the supplier could issue a credit note after the debtor fulfills the agreement obligations.
• It is important to determine if the procedures are consecutive and if the new terms for issuing credit notes apply.
• The new rules set the start date for issuing credit notes from when the debtor is subject to a procedure.
• The deadline for issuing a credit note is linked to the VAT declaration of the year when the conditions for the credit note occur.
• The response to the inquiry excludes the possibility of consecutive procedures for preventive agreements.
• This affects the applicable VAT rules, as the first procedure followed old rules, and the second followed new rules.

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.

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