Taxpayers can now choose to exercise their right to deduct VAT concerning invoices for transactions from the previous year received in the first fifteen days of January, according to the fiscal delegation law. This change overturns the limit imposed by DPR 100/98, which previously prevented “retro imputation” for documents issued around the year-end. To exercise the right to deduction, certain conditions must be met, including the tax’s due date and possession of a compliant invoice. The new law ensures that taxpayers aren’t financially disadvantaged due to delayed invoice receipt.
Source: eutekne.info
Latest Posts in "Italy"
- Cultural Services Exempt from Taxation: Guided Tours Qualify, Bridge Crossing Does Not
- Delays in Contracts: Payments to Contractors Subject to VAT, Not Compensation
- Italian Tax Agency Confirms Exclusion of Asset Sales from VAT Deduction Pro Rata Calculation
- VAT Implications for ‘Free’ Online Services: Legal Challenges and Potential Impact on SMEs
- Normal Value in VAT: Application in Non-Monetary Transactions and Special Cases
