Value added tax (VAT) measures included in Decree no. 34 of 30 April 2019 have been “converted” into law with approval of the Italian parliament.
VAT measures effective from 1 July 2019 include an extension—from 10 days to 12 days—for the issuance of “immediate” invoices for the supply of goods and services. Different rules apply with regard to invoices issued before 1 July 2019 (whether electronic invoices (e-invoices) or paper invoices). The decree further provides rules with regard to the recovery of VAT remitted in error; terms for the submission of a quarterly communication of VAT settlements; and rules for the transmission of daily payment data for retailers, among other items.
Certain VAT measures will be effective 1 January 2020—such as the rules for transfers of the annual VAT credit arising from the VAT return.
A related circular letter clarifies certain information (such as the data field for the date of the transaction) to be included on invoices issued on or after 1 July 2019.
Read a July 2019 report [PDF 191 KB] prepared by the KPMG member firm in Italy
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