Italy Update: Settlement deadlines and penalties reduced with electronic payments

Professionals, companies, self-employed workers who guarantee “the traceability of payments received and made relating to transactions exceeding € 500” (Article 3 paragraph 1 of Legislative Decree 127/2015) can take advantage of the two-year reduction in the terms of assessment of VAT and income taxes. To take advantage of the facilitation, according to Article 4 paragraph 1 of the Decree of the Ministry of Economy and Finance of 4 August 2016 “taxpayers communicate, with regard to each tax period, the existence of the conditions for the reduction of the terms of forfeiture […] in the annual declaration for the purposes of income taxes”, which means that, in order to take advantage of this facilitation, it will be necessary to notify the Revenue Agency of possessing the requisites required through the Income model.

By Quorum, Italy, a Transatlantic Law International Affiliated Firm. 

For further information or for any assistance please contact italy@transatlanticlaw.com

Disclaimer: Transatlantic Law International Limited is a UK registered limited liability company providing international business and legal solutions through its own resources and the expertise of over 105 affiliated independent law firms in over 95 countries worldwide. This article is for background information only and provided in the context of the applicable law when published and does not constitute legal advice and cannot be relied on as such for any matter. Legal advice may be provided subject to the retention of Transatlantic Law International Limited’s services and its governing terms and conditions of service. TransatlanticLaw International Limited, based at 42 Brook Street, London W1K 5DB, United Kingdom, is registered with Companies House, Reg Nr. 361484, with its registered address at 83 Cambridge Street, London SW1V 4PS, United Kingdom.