With effect from the 1st January 2017 the Italian Authorities have introduced two new VAT declarations, the Invoice Listing and VAT Settlement declaration.
The Invoice listing declaration is required to be submitted by taxpayers established and /or registered for VAT in Italy who issue invoices.
The invoice listing is required to be submitted to the Italian VAT Authority in XML format.
The following details relating to each invoice issued / received is required to be reported on the invoice listing:
- Invoice date,
- Invoice number,
- Customer/Supplier name,
- Customer / Supplier VAT number,
- Net amount split per VAT rate,
- VAT amount split per VAT rate,
- Gross amount split per VAT rate,
- Document type (i.e. invoice, credit note)
- Customer address,
- Code Fiscale (mandatory for Italian private individuals).
- Posting date for purchase transactions.
- VAT rate or other specifications (i.e. VAT exempt)
Businesses registered in Italy as a result of distance sales transactions that do not issue invoices are not required to file an Invoice Listing declaration.
For 2017 the declaration will be submitted on a bi-annual basis. From 2018 onwards, the declaration will be submitted on a quarterly basis.
Reporting incorrect invoice details or declarations submitted with missing invoices will incur a penalty of EUR 2 per invoice up to a maximum fine of EUR 1,000 per quarter / submission.
Penalties are halved in cases were amendments are sent within 15 days.
The VAT Settlement declaration is required to be submitted by all businesses registered in Italy to report the VAT payable / refundable amounts calculated in the VAT books.
The VAT settlement declaration must be submitted in all VAT situations (repayable, payable and nil situations)
The VAT settlement declaration is required to be submitted on a quarterly basis for all taxpayers, including businesses that currently pay their VAT liability on a monthly basis.
A penalty ranging from €500 to EUR 2,000 can be imposed for failure to submit a declaration, or submitting an incomplete or incorrect VAT settlement declaration