- The 2026 Budget Law introduces a new, faster automated assessment process for omitted VAT returns.
- The Italian Revenue Agency can now automatically liquidate VAT based on electronic invoices and related data, bypassing the traditional lengthy assessment procedure.
- A strengthened “friendly notice” is issued, and if ignored for 60 days, the debt is immediately enforced.
- The penalty is reduced from 120% to 40% if the taxpayer complies, but compensation is strictly prohibited, making debt management more burdensome.
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.
Latest Posts in "Italy"
- New 2026 VAT Forms Approved: Changes to Deduction Adjustment Calculation Included
- Approval of 2026 VAT Return Forms and Instructions for 2025 Tax Year Submission
- Foundry Services for Commissioned Artworks Subject to 22% VAT, Not 5% Reduced Rate
- Applicable VAT Rate for Art Foundry Services: 5% or 22% for Commissioned Contemporary Artworks?
- 10% VAT Applies to Wood Chips and Sawdust Sales Regardless of Buyer’s Intended Use
