The fight against Italy’s Vat evasion is increasingly relying on the split payment mechanism
The 2017-2018 Italy’s fiscal horizon will be marked by the extension and strengthening of the split payment tool
Following the enactment of the '2015 Stability Law', Italy has introduced a specific split-payment mechanism for VAT due on goods and services supplied to the majority of government and public sector bodies.
The “split-payment” fiscal tool, how does it works - The new so-called “split payment” mechanism is in force out from 1 January 2015. It applies only to domestic transactions carried out by suppliers for sales to eligible Italian public administrations.
The Revenue Agency and Ministry of Economy and Finance take stock of 2016
Third consecutive record year for the Italian Revenue Agency, with 19 billion reported in the State coffers in 2016. It is the highest amount ever collected by the Tax Administration, thanks to targeted tax assessment activities and to a new strategy aimed at increasing the implementation of spontaneous tax obligations. In fact, about 500 million euro come from the promotion of preventive dialogue with citizens, aimed at giving taxpayers the opportunity to correct the mistakes in time, and thus to pay reduced penalties, avoiding future tax assessments.
Good news also in terms of tax refunds: in 2016 the offices of the Revenue Agency delivered 2 million and 740 thousand tax refunds to business and families, for a total amount of 14 billion euro.
Italy’s Voluntary Disclosure second version is again effective at works. New applications at the start on February 7
Italy has reopened its new voluntary disclosure (“VD”) program. Specific and personalized applications for joining the initiative, in fact, will begin to be transmitted to the Revenue Agency as of February 7, while the VD reports, the supporting documentation and the taxpayer-calculated payment must be filed by 30 September 2017. Who can participate: the various panel of taxpayers interested in the tax measure - The VD new program is mainly addressed to taxpayers who:
•on or prior to 30 September 2016, were resident, for tax purposes, in Italy and did not comply with the Italian exchange control regulations;
•have not already benefited from the VD program's first edition;