Quarterly Vat Return
A new quarterly VAT return will need to be submitted. The filing of the quarterly VAT return is obligatory also for non-resident companiesregistered for VAT in Italy and companies in a credit position. In 2017 the following deadlines apply.
- Transactions performed (and acquisitions registered) during the I quarter 2017:
- Transactions performed (and acquisitions registered) during the II quarter 2017:
- Transactions performed (and acquisitions registered) during the III quarter 2017:
- Transactions performed (and acquisitions registered) during the IV quarter 2017:
28th or 29th February of the following year
The form has to be submitted by electronic means, paper filings are not allowed.
In case of non-filing, incomplete filing or unfaithful filing, the law foresees a penalty from Euro 500 up to Euro 2.000. It is possible to benefit of a reduction of 50% of this penalty if the declaration is submitted within 15 days from the deadline or if, in case of wrong filing, a new form containing the correct data is submitted within 15 days from the deadline.
Quarterly Italian local listing
In addition to the quarterly VAT Return, another periodical reporting obligation is required as from the year 2017, this is the “quarterly spesometro return” or “Italian local listing”. In fact this used to be an annual obligation and has now become a quarterly filing. This new quarterly communication will have to contain the data of all the sales and purchases including intra community transactions, imports and exports.
The deadlines for the submission will be the same as mentioned for the quarterly VAT return. Only for the year 2017 this new return can be submitted on a half-year basis, the deadlines for the submission for the year 2017 will be:
- Invoices issued and purchases registered during the first half year 2017:
16th September 2017
- Invoices issued and purchases registered during the second half year 2017:
28th February 2018
From 2018 this communication will become quarterly. The submission has to be electronic, the technical specification for the creation of the .XML file containing the data to be transmitted have been published.
The penalty foreseen in case of non-filing or wrong filing of this return is equal to 2 euro for each invoice that has been non- or wrongly declared. The law foresees a maximum penalty of Euro 1.000 per quarter. Also in this case the penalties can be cut down in case of self-amendment performed within 15 days from the date of the deadline.
Changes in VAT registration threshold France
The French Ministry of Finance has recently changed the thresholds for value added tax (VAT) registration for certain categories of transactions. The changes relates to small and medium-sized resident companies and does not apply to foreign businesses. The changes are backdated to the first of January 2017.
If you would like to receive more information about how Pincvision can assist you with your VAT returns or would you like to require further information from one of our VAT specialists? Please contact us by calling +31(0)88-4321800 or send an email to firstname.lastname@example.org
Our VAT team will gladly assist you.