- New VAT penalties regime in Italy entered into force on 1st September 2024
- Reduction of VAT penalties to enhance fairness and proportionality
- Changes to self-disclosure procedure
- Stronger approach against zero-rating intra-community supplies and exports
- Despite positive changes, high penalties and strict formalities still exist
- Penalties of 120% for omitted VAT return, 70% for inaccurate filing, and 50% for zero-rated intra EU supplies
- New measures applicable to facts and omissions from September 1, 2024
- Further clarifications from Italian Revenue Agency expected.
Source: meridianglobalservices.com
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.
