- Italy plans to introduce an automatic VAT settlement system for taxpayers who fail to file annual VAT returns on time.
- The system will use data from e-invoicing, periodic VAT returns, and other digital reports to calculate the owed VAT automatically.
- Taxpayers will receive a notice detailing the calculated amount, including rationale, and can either pay or appeal with documentation.
- The settlement includes the owed VAT, interest, and a 120% administrative penalty, with discounts available for early payment.
- This measure aims to modernize tax compliance and combat tax evasion.
Source: 1stopvat.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.
Latest Posts in "Italy"
- Split Payment Exclusion for Compensation and Barter Transactions with Public Administrations
- VAT Deductibility During Company Liquidation: Recent Guidance from the Italian Revenue Agency
- Intragroup VAT Offsetting: Guarantee Requirement Applies Only From When Guarantee Is Provided
- EU Proposes Italy Extend 40% VAT Deduction Limit on Business Vehicles Until End of 2028
- Artworks and Taxation: Income, Inheritance, and VAT Impacts After the 2024 Tax Reform
