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Italy Updates Online Tax Declaration System

by Ulrika Lomas, Tax-News.com, Brussels

25 May 2015


The completion of the 2015 update to the Ge.Ri.Co (Gestione dei Ricavi e dei Compensi) computerized system, including finalization of the sector studies (studi di settore) contained therein, means that Italian small businesses and sole traders can now check whether issues were found with their tax returns for the 2014 tax year.

The sector studies are utilized by the Italian Revenue Agency to check the credibility of the turnover/earnings declared by businesses producing or selling goods and services whose turnover is up to EUR7.5m (USD8.4m) annually.

Utilizing Ge.Ri.Co, each business is allocated one or more sub-sector grouping – made up of services, commerce, manufacturing, and the professions. The system tracks "normal" profits and expenditure by sub-sector, taking into account regional differences, among other factors.

There is a higher possibility of being subject to a tax audit if a business does not report profits that are in line with what is generally reported by businesses with similar activities.

TAGS: individuals | artisans | compliance | tax | small business | business | tax compliance | Italy

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