- The auditor must strictly follow legal and accounting standards when reviewing VAT credits, ensuring the existence and correctness of VAT credit, refunds, and compensations.
- Standard procedures include analyzing VAT returns, periodic settlements, reconciliation statements, F24 forms, and related accounting records.
- Horizontal compensation allows using tax credits to offset different tax debts (e.g., IRES, IRAP, INPS, INAIL), with specific timing and conformity requirements for amounts over €5,000.
- For credits over €5,000, compensation is allowed only after the 16th day of the month following the VAT return submission, with a conformity certificate, and F24 must be filed online.
- Special rules apply for biennial preventive agreements, allowing free compensation up to €70,000 without a conformity certificate for agreed years.
Source: commercialistatelematico.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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