If submitted within 90 days after the deadline: €25 fixed penalty.
If submitted after 90 days following the deadline: €258 minimum penalty and between 120% and 240% of the VAT due.
There is a general penalty of 30% of the VAT due. However:
For example, a VAT payment of €1,000 performed two days after the due date is subject to a 0,4% penalty (30 x 2/15 x 1/10) due to spontaneous regularization.
In addition to the above penalties, late payment interest must be added to the penalty amount. The interest rate is published by the Italian authorities every year.
Late filing and late payment penalties are added together when a VAT return is not submitted nor paid to the tax authorities.