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Tax Pills

  • Starts the new fiscal age of the Synthetic Reliability Indexes or SRIs. Ready and online all the 175 models that will enter the 2019 income tax return

    The Revenue Agency has elaborated the new “fiscal report cards”, or Synthetic Reliability Indexes (SRIs), to replace an equivalent number of preexistent “studi di settore”. Particularly, the new 175 fiscal indexes elaborated this year, will involve, on a regular basis, about 4 million economic operators representing the entire spectrum of taxpayers involved in the old “sector studies”. However, the 175 models for the application of the new Synthetic Reliability Indexes are now online in their final version on the Tax Agency official-website. Approved by the Director of the Revenue Agency, the models must be completed by taxpayers who in 2018 have prevalently exercised one of the activities subject to the indexes.
    The Revenue-Act also identifies the full list of data, information and figures to be communicated for the 2019 tax period through the new ISRs. Particularly, the Synthetic Reliability Indexes cover various economic activities related to agriculture, manufacturing, trade, services and professional sectors. The approval of the models, already available in a draft version on the website of the Revenue Agency, follows the publication in the Official Gazette (Official Gazette of January 4, 2019) of the decree of the Minister of Economy and Finance that approved the introduction of 106 new SRIs, after the first 69 introduced in March 2018. With this second Revenue-Act publishe the SRIs program revision is therefore fixed and completed, ready to star from the year 2019.
    How the new ISRs work - The 175 models for the communication of data relevant to the application of the new Synthetic Reliability Indexes must be transmitted electronically together with the tax return, directly, via Entratel or Fisconline, or through a professional intermediary, according to the technical specifications that will be approved forward with a specific provision. 
    The data relevant for 2019 have been defined - The same provision establishes that the economic, accounting and structural data relevant for the application of the SRIs for 2019 are those indicated in the decrees of the Minister of Economy and Finance of March 23 and December 28 2018, to which will be added those already available to the Agency which, if significant, will be required for its application. It is however possible that, during the processing of the indices, the number of data relating to 2019 may be reduced and, in particular, that the accounting data are merged or replaced with those already provided for determining the income reported in the tax return.
    The program of auditing activities - With a second Revenue-Act are also identified the economic activities for which is expected the revision of the SRIs applicable starting from the year 2019. The number of the ISRs approved by decree of the Minister of Economy and Finance is 89: of these, 31 relating to economic activities in the commerce sector, 25 relating to services, 18 to professional activities and 15 to manufacturing.
    How the new fiscal report cards work – From now on, businesses and professionals will thus have a clear view of the correctness of their tax behaviors through a new statistical and economic methodology that will establish the degree (on a scale 1 to 10) of effective and verifiable reliability to comply with tax obligations.
    In fact, Synthetic Reliability Indexes are made up of a set of indicators of reliability and anomaly and make it possible to size the level of taxpayers' tax reliability, as already cited, on a scale from 1 to 10.
    The aims of the new SIRs - In short, the SIR Project is aimed at allowing taxpayers to know their degree of reliability as determined by the Tax Administration. With the goal of reaching tax compliance, taxpayers can also improve or adjust their fiscal declaration. They also provide, in case of a high reliability level of the synthetic index, a diversified reward mechanism, in order to ensure a clearer and better relation between the taxpayers and the Tax Administration. Particularly, the most "reliable" taxpayers will have access to important reward benefits, such as, for example, the exclusion from analytical-presumptive assessments, the reduction of the deadlines for assessment and exemption, within the limits set, by the application of the visa for compliance with tax credits.

  • Invoice with us - but electronically! Of course!!

    Since the electronic invoicing debut, 34 million e-bills have already been sent through the Revenue Agency web-portal in the first 15 days, more than 2 million every 24 hours.
    From 1 January 2019 till now, the e-invoices sent to the Revenue Agency have reached the number of 34 million (exactly 34.055.819 at five o'clock in the afternoon of today). An exponential growth, in fact in the first four days from the debut, the number of invoices was close to 2.8 million. Ten days later, in a single day, the number of electronic invoices received and worked by the Agency was at 4 million. Overall electronic invoices issued to date concern a taxable amount of 34 billion euros for a net-tax of 4.3 billion euros, while the operators involved have been around  700,000 (exactly 663.042).
    Background – The e-invoice has been introduced trough the Italian Budget Law for 2018 (Law no. 205/2017), that modifying Legislative Decree no. 127/2015, added the obligation of electronic invoicing or e-invoicing. Particularly, starting from 1 January 2019, a general business to business (B2B) and business to customer (B2C) will apply.
    The advantages of the electronic billing or e-billing – First of all, it is an easy and safe way to issue a bill. Instead of printing your bill and sending it by post to the Tax Administration, you send your billing information electronically. You save time and money, and your bill can be processed digitally in a quick and consistent manner. Particularly, the Advantages for you are the following: you save paper, printing costs, postage and packaging. In this way, e-billing does not just save costs, it is also environmentally friendly, because e-bills are sent and processed entirely electronically, processing speed is increased and sources of error are reduced.
    How does it works, technical requirements for mandatory e-invoicing - The following requirements are applicable for all transactions: the transmission via the Interchange System (SDI) may regard either one single invoice or a group of invoices; the mandatory invoicing requirements also apply to e-invoices; the e-invoice shall be in the XML format without macro-instructions or executable codes that may impact the integrity of the invoice content; the e-invoice may include other fields/data that are not mandatory. In details, the e-invoice delivery via the SDI can be made alternatively by:
    • Certified e-mail (PEC);
    • Electronic services made available by the Italian tax authorities (web or app);
    • Web cooperation system (web service);
    • FTP protocol.Both the web service and the FTP protocol require a specific application at the time of the registration with the SDI.
    The Interchange System filtering – At this point, the SDI performs some formal checks at the time of the delivery. If the checks are not passed, a reject report is issued within five days from the delivery/upload into the SDI. In this case, the invoice is considered not issued. If the e-invoice includes a digital signature, the SDI performs some checks on the signature certificate validity.
    The e-invoice delivering – The e-invoice can be delivered by/to an intermediary on behalf of the taxpayer/recipient. The way the recipient wants to receive the e-invoice must be indicated at the time of the application/registration on the SDI. When the checks of the SDI are passed and the e-invoice is delivered to the recipient, the supplier receives a delivery report including the date of receipt by the recipient.If the delivery of the e-invoices to the recipient is not possible, the SDI makes the e-invoice available to the recipient on the tax authorities web-site dedicated area and informs the supplier accordingly so he can timely inform the customer accordingly. For each file managed by the SDI an alpha-numeric code (hash) is generated and included in the delivery receipts generated.
    Out of the e-invoice - For transactions not falling under mandatory e-invoicing (e.g., cross-border transactions), it is necessary to file a monthly communication (Spesometro) by the last day of the month following the invoice date. For import and export transactions where a Customs bill is issued and for cross-border transactions where the supplier opted for e-invoicing, the Spesometro communication is optional.
    The electronically bills data checking - Since e-invoices are stored/kept by the Italian tax authorities, the authorities may access such e-invoices only after having served a specific communication to the taxpayer.