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principal / The new Italian VAT return is out (and the Annual Communication is gone forever)
The Italian authorities published the 2015 Annual VAT return and Annual VAT communication forms. There are only a few changes on the Annual VAT return and almost no changes to the VAT communication.
The annual VAT communications is no longer applicable as from 2016. In the former regime, this return could be avoided when a business submitted the annual return by the end of February. If not filed in February, the VAT communication was due and, in addition, the annual VAT return had to be submitted by September of the following year. As from next year, the Annual VAT communication has been avoided and the Annual VAT return will need to be filed always by the end of February.
Italy has a unique VAT reporting system where registered companies have to calculate and pay VAT on a monthly or quarterly basis by keeping the so called ‘VAT calculations’. These calculations are not submitted to the tax authorities but they must be ready for disclosure in case of an audit or request. At the end of the year, a very detailed Annual VAT return must be filed. This return has 16 pages requiring more details than any other declaration in Europe. Regarding the instructions, the authorities published a 100 pages manual on how to prepare this return. If you do not have time to read it, our network has years of experience preparing these returns, feel free to contact us if you need help.