Italy VAT profile
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Italy VAT Profile
| Standard VAT Rate | 22% |
| Reduced VAT Rate | 4%, 5%, 10% |
| EU VAT Number | IT99999999999 |
| VAT Registration | VAT registration is mandatory when your turnover exceeds or is likely to exceed the VAT registration thresholds. |
| VAT Registration Thresholds | EU wide distance selling threshold - EUR 10,000 (Total annual intra community distance sales) SME Thresholds (Resident & EU Businesses) - EUR 85,000 Non resident - There is no registration threshold IC Acquisitions - EUR 10,000 |
| Fiscal representative required for non EU companies | A fiscal representative is required for Non EU companies with the exception of some countries for example UK and Norway |
| VAT Compliance | Businesses registered for VAT are required to comply with local rules, regulation and requirements for collecting, reporting and remitting VAT. |
| Periodic VAT Returns | Periodic VAT Calculation / VAT books must be prepared by each taxpayer that is registered for VAT to account for VAT on sales and purchases made. Filing Frequency -Monthly: If the annual turnover exceeds: For services - EUR 400,000Â (if your activity only consists of supplies of services) For Goods - EUR 700,000Â Â (if your activity is not limited to supply of services) - Quarterly: If the annual turnover does not exceed: For services - EUR 400,000Â Â (if your activity only consists of supplies of services) For Goods - EUR 700,000Â Â (if your activity is not limited to supply of services) Filing and Payment Deadline - Monthly: 16th of the month following the reference period. - Quarterly: 16th day of the second month following the reporting period |
| Annual VAT Returns | A Recapitulative Annual VAT return that summarises all transactions included in periodic VAT returns is required. Filing Deadline: 30th April of the following year. |
| Intrastat | INTRASTAT is a statistical data collection system used to record the movement of goods between European Union member countries. Declaration must be filed once the annual threshold is exceeded. Thresholds: Arrivals: EUR 2,000,000 Dispatches: N/A Filing Frequency Monthly - if a total quarterly amount of intra-Community supplies of goods or services to EU Member States exceeds EUR 50,000 Quarterly - if a total quarterly amount of intra-Community supplies of goods or services to EU Member States does not exceed EUR 50,000 Filing Deadline 25th day of the month following the reporting period |
| EC Sales List | EC Sales List is a declaration summarises the value (per customer) of intra-community supplies of goods and services between EU Member States . An EC Sales List is required to be filed once a business performs intra-community supplies. Filing Frequency - Monthly: If supplies of goods or services exceed EUR 50,000 in current or any of the previous 4 quarters. - Quarterly: If supplies of goods does not exceed EUR 50,000 in current or any of the previous 4 quarters. Filing Deadline - 25th day of the month following the reference period. |
| EC Purchase List | Filing Frequency: - Monthly: If supplies of goods in any of the previous 4 quarters is equal or higher than EUR 200,000 Filing deadline: - 25th day of the month following the reference period |
| Other VAT Declarations | The VAT Settlement The VAT Settlement declaration is required to be submitted by all businesses registered for VAT in Italy to report the VAT payable / VAT repayable amount calculated in the VAT books Filing Frequency - Quarterly Filing Deadline Q1 - 31st May Q2 - 16th September Q3 - 30th November Q4 - 28th February" |
Latest VAT News Italy
Latest tax technology news and blog posts
Italy Approves New Unified VAT Code and Updated ATECO Classification
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New Italian Unified VAT Code approved
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New Italian Ruling affecting VAT Groups
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