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Italian tax point rules

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Italian tax point rules

The tax point is the time when VAT becomes due. The following rules apply when determining the applicable tax point in Italy:

  • General rule: Tax point arises when the goods are placed at the disposal of the customer. In case of transport of goods, tax point arises when the transport begins.  For services, the tax point occurs when the payment is made.  For immoveable property, the tax point arises when the contract to transfer the title of property is signed.
  • Prepayments or advanced payments create a tax point. In these cases, VAT is due when the prepayment is made. Similarly, the issuance of an invoice also creates a tax point.
  • Intra-Community acquisitions: Tax point occurs at the beginning of the transport. In case the transfer of title occurs after the transport is made, the tax point arises when the title of the goods is passed to the customer.
  • Intra-Community supplies: The tax point is the 15th day of the second month following the dispatch of the goods or the date of the issuance of the invoice, whichever happens earlier.
  • Import: Tax point occurs when the goods are imported according to the relevant import documents or when the goods leave a duty suspension regime.

VAT due should be distinguished from VAT payable. VAT is due when the tax point occurs. VAT is payable between the day after the end of the reporting period and the due date to submit and pay the VAT return.