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Following the Italian VAT return changes published recently, the Italian tax authorities published a set of FAQs on their website. These are several questions and answers regarding the preparation of quarterly VAT returns due in Italy as from 2017.
We are providing below a summary of the most relevant FAQ answered by the authorities:
In case the taxpayer wants to carry forward a VAT credit throughout the year for a period different from December or fourth quarter, box VP8 must be used.
The obligation to submit Quarterly VAT returns was first introduced in 2017. Previously, an annual VAT return, annual Spesometro and monthly or quarterly VAT payments were due. In addition to new quarterly VAT returns, VAT payments on a monthly or quarterly basis still need to be made before the actual return is submitted. For the more information on the frequency of filing and payments check our Italian manual.
All FAQ published by authorities can be accessed via the website of the Italian tax authorities.
Penalties for not complying with this obligation are high. Taxpayers will be charged with up to 50% of the VAT due for not following the Romanian split VAT payment mechanism.
These changes were announced last 18 August 2017 following a period of public consultations with private and public entities.