Italy: introducing real-time electronic invoice verification system
VAT News Updates
1st May 2018: Italy is set to introduce Real-Time Electronic Invoice Verification System.
This regime differs from Spain and Hungary, as it isn’t transmitted to the tax authorities for reporting. It is instead sent at the issuance stage to the Italian Revenue Agency, which checks the invoice data, verifies it and only then sends it on to the customer on behalf of the supplier.
Italy is aiming at reducing the VAT gap by adopting this “clearance model,” with tax authorities auditing and monitoring transactions in real-time.
This new law will have an effect on nearly all supplies from 1st January 2019. The need to adhere to the Italian real-time electronic invoicing requirements will apply to all domestic B2B (business-to-business) transactions. The need to provide an electronic invoice will also apply to B2C (business-to-consumer) transactions if the consumer requests an invoice – meaning that non-established businesses carrying out distance selling may be impacted.
Travelled to Italy or any other EU country recently for business? You could reclaim up to 27% on your corporate T&E! Get in touch today to find out how…
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