Italian Firms To Benefit From New e-Invoicing System

by Ulrika Lomas, Tax-News.com, Brussels

21 August 2015

On August 18, the Italian Government gazetted a legislative decree that contains measures intended to boost the use of e-invoicing and reduce the current reliance on paper invoices.

By July 1, 2016, the Revenue Agency is to provide a system, free to value added tax (VAT)-registered businesses, from which e-invoices can be created, transmitted, and filed.

Subsequently, by January 1, 2017, the Ministry of the Economy will allow access to its data exchange system for all those businesses for e-invoice transmission and receipt.

From that date, the Revenue Agency will also give online assistance to businesses that choose to move to e-invoicing, including the provision of information to make their VAT payments and annual declarations.

In addition, from that date, small businesses will be able to choose to send their daily purchase and sale invoice details online to the Revenue Agency.

Such businesses will avoid the annual filing of VAT declarations, the reporting of VAT transactions exceeding EUR3,000 (USD3,377), and transactions undertaken with clients and suppliers based in "black list" countries. In addition, they will receive quicker VAT refunds.

TAGS: compliance | tax | small business | business | value added tax (VAT) | tax compliance | law | internet | legislation | Italy | VAT refunds | VAT compliance matters

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