Parliament approves tax reforms, including major VAT changes Italy’s Parliament last week approved wholesale reform of Italian tax including a number of changes to the Italian VAT system. The reforms are aimed at modernising the tax regime, making compliance easier and attracting foreign investment. The
Italy tax reforms may consolidate 3 reduced rates to 2 As part of a sweeping range of tax reforms announced by the Council of Minister, there are plans to simplify the Italian VAT rates. There will also be changes and improvements to the rules on
EC paves way for increase from €65,000 to €85,000 from 1 January 2023 taking over 63,000 taxpayers out of the VAT regime The European Commission and European Council (20 Feb 2023) have backed Italy to increase its VAT registration threshold from €65,000 to €85,000 per annum.
Two rulings clarify VAT liabilities on Cryptoassets The Italian Agenzi Entrate has provided guidance on the VAT liabilities of Cryptoassets in two rulings VAT exemption for Cryptoassets Mining The tax authorities stated that mining or forging (creation) of cryptoassets is an exempt activity. This is
Anti-VAT fraud VAT splitting measure The Italian Department of Finance has extend the list of companies which suppliers must apply VAT split payments on. This requires suppliers to pay the VAT element of their sales invoice into special, blocked VAT bank accounts with the tax
Third extension of gas VAT cuts until 31 December 2022 as inflation hits 7.9% in July 2022 Italy has extended for the forth time the temporary cut in Value Added Tax rate on domestic and industrial use gas until the year end. Italian inflation has
July 8% inflation prompts proposals to cut VAT rate on range of foods As inflation hit a 36-year high in July at 8% (June 6.8%), the government is considering a range of temporary VAT rate cuts: Bread and pasta cut to zero VAT rate; and
Third extension of gas VAT cuts until 30 September 2022 as inflation hits 8% in June 2022 Italy has extended for the third time the temporary cut in Value Added Tax rate on domestic and industrial use gas until 30 September 2022. Italian inflation has
Most retailers must have adopted electronic Point-of-Sale machines for VAT reporting by 1 July 2022 Italy is enforcing the adoption of electronic cash registers which the capability to make automated daily transaction reports to the tax authorities. All retailers above the further reduced threshold will
