Italian Revenue Agency Clarifies Tax Obligations for Design Competition Prizes: VAT, Withholding, and Stamp Duty

• The Italian Revenue Agency clarified tax obligations for prizes in design competitions
• Electronic submissions are subject to a €16 stamp duty
• Prizes for non-winning participants are subject to VAT and a 20% withholding tax
• Participants must ensure proper invoicing for VAT obligations
• Prizes are considered compensation for professional services and are subject to VAT and withholding tax

Source: eutekne.info

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.