- The Italian tax agency has issued a circular examining the consequences of leaving the simplified tax regime.
- The circular also discusses how to adjust VAT deductions when leaving the regime.
- Leaving the simplified regime means that subsequent operations will be subject to VAT.
- However, it also allows the taxpayer to recover any VAT that was not deducted for unused goods and services.
- This situation is covered by Article 19-bis2, paragraph 3 of the Italian tax code.
- The article applies to changes in the tax regime for active operations or in the use of depreciable assets.
Source: eutekne.info
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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