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.
For limited number of taxpayers, pre-completed VAT returns launch based on SdI e-invoicing The Italian Revenue Agency will offer the option of pre-filled VAT returns from this Friday for certain taxpayers. These are based on 2022 transaction data submitted via the Italian SdI e-invoicing regime.
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
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
Second extension of gas VAT cuts until 30 June 2022 as inflation hits 5.7% Italy has extended the temporary cut in Value Added Tax rate on domestic and industrial use gas until 30 June 2022. The cut was initially introduced between October and December 2021,
Reductions in cash settlements limited; tightening electronic payment fine regime Italy’s latest law decree (Number 146) entered into law last month and included a number of changes to the Value Added Tax rules. This included: Reduction of cash settlements limit from €2,000 to €1,000. This
