The Italian tax authorities have guidance on the VAT rules regarding the use of credit notes to be issued in case a taxpayer is subject to bankruptcy proceedings.
The rules regarding credit notes are found in Art. 26, par. 2 of Presidential Decree No. 633/1972, which was amended by Law Decree no. 73/2021 (the so-called “Decreto Sostegni-bis”). The Italian tax authorities recently provided some clarification on the amendments in Circular 20/E, dated 29 December 2021.
Source: BDO
