Purchases Over EUR3,600 To Be On Italian Revenue Database

by Ulrika Lomas, Tax-News.com, Brussels

28 December 2010

In order to supply additional information for its taxpayer spending database, it has been announced that details of all sales of goods valued at or above EUR3,600 (USD4,750) will have to be communicated to the Italian Revenue Agency.

Details of all transactions between value added tax (VAT)-registered businesses will need to be transmitted to the Agency from January 1, 2011, while those of sales to final consumers will start from May 1, 2011. The transfer of information will need to be made before April 30 in the succeeding year.

The Agency’s instructions refer to goods or services valued at, at least, EUR3,600, including VAT. The retailer, or provider of services, will need to record the tax code of the buyer and communicate it, together with the transaction’s details, to the Agency.

The Agency believes that, through this information it will have direct knowledge of purchases of luxury goods (such as, antiques, jewellery, art, boats and cars), and can compare those with the purchasers’ tax returns.

Recommended