Italy Launches Automated VAT Liquidation for Omitted Returns

• Italy’s Revenue Agency issued rules for automatically calculating VAT when annual VAT returns are omitted or incomplete.
• It may use electronic invoices, telematic receipts, periodic VAT filings, and VAT payments to determine the liability, but not prior-period VAT credits.
• Taxpayers are notified by certified email or registered mail and can respond or pay within 60 days.
• If payment is made within 60 days, penalties are reduced to one-third; if the assessment is updated, a new 60-day period starts.
• Unpaid VAT, penalties, and interest can be placed on the tax rolls for collection.

Source: globalvatcompliance.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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