- The Italian Revenue Agency clarified rules for VAT variation notes related to bankrupt debtors.
- Taxpayers must wait until bankruptcy proceedings are deemed fruitless before issuing a VAT decrease note.
- The deadline to issue the note is the annual VAT return filing deadline for the relevant year.
- The right to deduct arises when filing the VAT return for the year in which the note is issued.
Source: news.bloombergtax.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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