The Italian tax administration provided some clarification on the simplification measures entered into force with Stability law 2015: …
National Practice – Circolare 31/E of 30 December 2014 – Comments and clarifications on tax news introduced by Stability Law 2015
The Italian tax administration provided some clarification on the simplification measures entered into force with Stability law 2015:
1. Declaration of intent
For the non-taxable supplies carried out by exporters the declaration of intent must include the data of the parties and the supply. That document has to be electronically sent to the National Tax Administration by the exporter in order to obtain the receipt that must be delivered to the purchaser or the Custom. This represents a preliminary condition to carry out the supply.
2. Registration in the VIES database
At the moment of the request of registration the authorization will be granted to carry out Intracommunity supplies.
3. Intrastat form. The data required for the fulfilment of the form have been reduced to:
- the VAT number;
- the turnover if transactions;
- the code related to the supply carried out or received; State of payment.
4. Adjustments for VAT credits not recovered
The deadline for the adjustment had been withdrawn taking into account the possibility of insolvency of the debtor, in particular due to bankrupt.
5. Reduced VAT rate for the purchase of the first home
The reduced rate of 4% is accorded to the purchase of the first home in dependence of the land registration, with no relevance of the previous criterion adopted for the qualification.
6. VAT option for bodies applying according to the VAT threshold scheme
For the bodies applying the regime provided by article 74 od Dpr. 633/1972 the deduction for the costs of publicity and sponsorship are deductible in the measure of lump sum of 50%. For the bodies whose economic activity is connected to the entertainment the sponsorship costs are deductible in the measure of lump sum of 50% and the publicity costs are full deductible.
Prof. Paolo Centore