- Italy’s Revenue Agency can now automatically assess VAT for missing annual VAT returns using e-invoices, telematic receipts, and LIPE data.
- The penalty is 120% of the VAT due, with a minimum of €250, plus 4% annual interest.
- Taxpayers are notified by PEC or registered mail and have 60 days to respond or pay.
- If paid within 60 days, the penalty is reduced to one-third.
- These assessments can be issued until December 31 of the seventh year after the return was due, and payment cannot be offset with non-VAT tax credits.
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.
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