Italian annual VAT return published

The Italian authorities published the Annual VAT return form of the 2016 tax year. This return must be submitted between 1 February and 28 February 2017, hence giving a small time for businesses to review how this year´s changes affect the information needed for reporting.

The changes in 2016 Annual return reflect the new VAT rates in Italy and the domestic reverse change amendments published last year. The form is 17 pages long and can be downloaded from the Italian authorities website. There are also instructions with over 100 pages of details on how to complete this return.

This month Italy introduced important changes on VAT reporting, including the obligation to submit quarterly VAT returns and VAT listings and the cancellation of Spesometro and Black-list return.

In addition to the above changes, Italy also announced an increased exchanged of information between tax authorities and taxpayers. In this respect, VAT registered companies are expected to receive data via email from the Italian authorities about reported amounts and registration details in their database, so they can review and regularise any error.