Ruling #509: The deduction of VAT paid on import by the transferee is allowed in the event of call-off stock

With the reply to question n. 509 of 26 July 2021, the Inland Revenue has expressed its opinion on the deductibility of import VAT relating to goods not owned by the importer (on the subject, see also our previous newsalert of 27 October 2020 ).

More precisely, in the case covered by the aforementioned ruling, the applicant is a company established in the United Kingdom that intends to introduce goods in Italy with shipment from the United Kingdom to the warehouse of its Italian transferee with whom it has entered into a consignment stock contract, asking the latter to act as an importer.

Source

• PwC
• Agenzia Entrate

See also C-132/16 Iberdrola Inmobiliaria Real Estate Investments – Conditions for the Right to deduct VAT (!!!) – Renovation free of charge for the benefit of a third party

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