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Italy e-invoice VAT assessments 2017

Italy e-invoice VAT assessments 2017

Italy is to offer a voluntary e-invoice reporting regime to tax payers from 1 January 2017.  The measure is designed to reduce VAT fraud and simplify reporting.

Businesses will be able to electronically submit their VAT purchase and sales invoice details, and have the authorities automatically calculate their monthly VAT liabilities.

Italy’s tax authorities are effectively offering to electronically create, store and send tax payers’ invoices on their behalf. The service is a major step towards the tax authorities taking over the calculation of tax liabilities from companies that currently self-assess their VAT liabilities and report via monthly/quarterly filings.

As an incentive for businesses to use the service, reporting obligations have been reduced – including Intrastat and Blacklist reports. Any VAT credit due a refund will receive an accelerated repayment, too.

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VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.