Deadline for exercising the right to VAT deduction has expired for payments made in 2021 and 2022

• The right to deduct VAT arises when the tax becomes due and must be exercised no later than the declaration for the year in which the right to deduction arose.
• The exercise of the right to deduction is subject to the existence of two requirements: the substantive requirement of the occurrence of the transaction and the formal requirement of possession of a valid purchase invoice.
• The starting point for the exercise of the deduction is the moment when the buyer/recipient meets the two conditions of the tax becoming due and possession of a valid invoice.
• The buyer/recipient can deduct the tax by registering the invoice within the deadline set by the tax authorities.
• If the buyer/recipient fails to exercise the right to deduction within the specified timeframe, they can recover the tax by submitting a supplementary declaration within the deadline set by the tax authorities.
• The receipt of electronic invoices should be recorded in the accounting system to allow for accurate control by the tax authorities.
• The failure to timely receive invoices does not extend the deadline for exercising the right to deduction.
• The deadline for exercising the right to deduction for payments made in 2021 and 2022 has already expired.

Source: agenziaentrate.gov.it

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.

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