- Non-EU businesses registered for VAT in Italy must provide a €50,000 bank guarantee to maintain or obtain VIES registration.
- The guarantee must be valid for at least three years and applies to all non-EU businesses operating in Italy through a fiscal representative.
- The compliance deadline has passed, and enforcement is now mandatory following a 60-day grace period.
- Failure to comply may result in removal from VIES, loss of VAT-exempt intra-EU transactions, financial penalties, and reputational damage.
- Affected businesses should urgently review their VAT status and secure the required bank guarantee to avoid disruptions.
Source: meridianglobalservices.com
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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