Changes in sight for the Italian Vat rules with the arrival of the New Year. Indeed, as of 2022, new Italian value-added tax procedures and records will apply regarding both electronic invoicing for cross-border transactions and pre-populated Vat ledgers and returns.
E-invoicing looks across the borders - Particularly, from 1st July 2022, the e-invoicing rules will be extended also to the following cross-border transactions carried out by entities established in Italy with non-Italian customers/suppliers: intra-EU acquisition of goods; intra-EU supplies of goods; imports, if the related customs bills are not available; exports, if the related custom bills are not available; domestic acquisitions of goods from entities non established in Italy, subject to reverse charge; domestic sales of goods to entities not established in Italy; services rendered to entities not established in Italy and services purchased form entities not established in Italy. Under the new rules, Italian entities will have to report details of the above-mentioned transactions to the Italian Revenue Agency using the same rules and processes in place for mandatory e-invoicing between Italian parties.
About the pre-populated Vat returns - Starting from 2022, the Italian Revenue Agency will make available also the draft annual Vat return, from the 10th of February of the year following the one of reference. Until the end of Fiscal Year 2022, these draft documents will be prepared by the tax authorities only for taxpayers who perform by option the Vat calculation on a quarterly basis. Moreover, some taxable persons are excluded from this simplification, for example, those using special VAT regimes, VAT groups, Public Administration, some retailers, and health service providers. As for the pre-populated personal income tax returns, even in this case taxpayers involved will be able to validate or add information to the draft Vat returns.