Italy implements 2nd EU VAT Directive on Invoicing
- Dec 22, 2012 | Richard Asquith
Italy has announced plans to conform with the 2nd EU VAT Directive on invoices, including:
Use of Electronic Invoices
The new Italian VAT law gives detailed compliance requirements for the use, issuance, authenticity and control of e-invoices.
Simplified VAT invoices
Italy is to permit the use of simplified invoices, with reduced information requirements, for amounts below €100. This applies only to local supplies, and precludes intra-community supplies.
Intra-community VAT invoices
Invoices for intra-community supplies must be issued within 15 days after the reporting period end.
Time of supply on intra-community supplies
The tax point for intra-community supplies will be at the time when the transportation of the goods from the EU commences.