Italy To Extend VAT Split Payment Mechanism For B2G Supplies
by Ulrika Lomas, Tax-News.com, Brussels
31 July 2020
On July 24, 2020, a Council Implementing Decision was published in the official journal of the European Union authorizing the extension of Italy's value-added tax split payment mechanism scheme, applicable to contracts with public sector entities.
The mechanism, introduced in 2017, is an anti-tax evasion measure that requires government departments to pay the VAT payable under a contract directly to the state, rather than to the supplier.
The Italian Government applied for the scheme to be extended but with a narrower scope, in a letter registered with the Commission on December 4, 2019. However, in a letter registered on March 27, 2020, Italy requested that the scheme be extended in its existing form.
The Implementing Decision allows Italy to extend the scheme until June 30, 2023.
To see today's news, click here.
Tax-News Reviews
A review and forecast of Cyprus's international business, legal and investment climate.
A review and forecast of Malta's international business, legal and investment climate.
A review and forecast of Jersey's international business, legal and investment climate.
A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »
Network Blogs and Features
- Big changes Afoot... »
- I.T. is IT! »
- What Is a Registered Agent, and Why You Need a Registered Agent for Your Business? »
- Spring Cleaning? »
- Brexit and Covid and Tax, Oh My! »
- Why is the Hong Kong startup ecosystem growing rapidly? »
- Happy Holidays? »
- COVID Continues To Capture Headlines »
- Taxing The Zeroes And Ones »
- Value Added News... »