- The Italian Revenue Agency clarified the rules for issuing a VAT reduction note when a preventive agreement is converted into judicial liquidation.
- Creditors must follow the rules in effect before May 26, 2021, and can only issue the VAT reduction note once the procedure is proven fruitless.
- Judicial liquidation can occur without prior resolution of the approved preventive agreement if no timely request is made.
- For the portion of the credit not admitted in the liquidation (the “written-off” amount from the preventive agreement), the VAT reduction note can be issued once the decree on the state of liabilities becomes final.
- The finality of this decree confirms the irrecoverability of the written-off credit, unaffected by further developments in the liquidation procedure.
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.
Latest Posts in "Italy"
- Applicable VAT Rate for Food Supplements Classified Under NC Code 21069092 in Italy
- Italy Updates VAT Exemption Rules for SMEs Operating Across EU Borders, Streamlining Compliance
- 10% VAT Rate Applies to Food Supplements Classified Under Code 210690, Confirms Tax Agency
- Protective Shields Against Radiation Not Eligible for 5% VAT, Must Apply Standard 22% Rate
- VAT Treatment of Modular Prefabricated Houses Supplied by EU Sellers to Italian Private Consumers
