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Italy Further Delays Transaction Reporting By Banks

by Ulrika Lomas,, Brussels

17 October 2012

The Italian Revenue Agency has further delayed the obligation of banks and other financial institutions to identify transactions that will have to be electronically reported to the tax authorities as part of the government’s efforts to increase tax compliance.

Details of sales to final consumers (as opposed to businesses or professionals) should be communicated only if the transaction occurred on or after July 6, 2011 (the date that the obligation entered into force). The information is to be utilized for the Revenue Agency’s so-called ‘spesometro’ - the accumulation of a database to check taxpayers’ spending against their declared income.

The details of any transaction amounting to not less than EUR3,600 (USD4,670) and subject to value-added tax, paid for by means of debit, credit or prepaid cards, will need to be provided, together with the tax code of the buyer. Sales above the minimum amount paid for by other means, such as cash or cheques, are being reported directly by the seller.

However, it has been decided that the reportable transactions in the first period from July 6 to December 31, 2011, that were to have been reported at the end of April 2012 before that deadline was delayed to October 15, will now only have to be reported by January 31, 2013.

The Revenue Agency has confirmed that the delay in the deadline has been caused by a need to allow financial institutions to update their internal systems to provide the information needed. However, with effect from the transactions effected in 2012, institutions’ notifications will need to be made before April 30 in each succeeding year.

TAGS: individuals | compliance | tax | tax compliance | commerce | banking | financial services | offshore | Italy | retail | individual income tax | services

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