The VAT warehouse is a simplification regime provided for by art. 50-bis of Law Decree n. 331/1993, implementing art. 157 to 160 of Directive 2006/112/EC. In order to benefit from the VAT warehousing simplification regime, goods have to be physically introduced into the warehouse, a “virtual” storage of goods is not allowed Read More »
Tag: Italy
Italy – increase of the standard VAT rate to 23% on 1 of July 2013
Italy intends to increase the standard rate from 21% to 23% and the reduced rate from 10% to 12% as of July 1, 2013. The plan is however that this should be temporary increase only and the VAT rate should decline to 22% as from January 1, 2014 again.
Italy – new penalties as of August 1, 2012 for incorrect or missing entries in VIES (VAT Information Exchange System)
The Italian Tax Authorities will impose penalties in case of EU supplies if the Italian customer’s number is not reported in the VIES. Therefore it is recommended to verify the VIES VAT registration number of your customers to avoid penalties equal to 100% of the VAT amount due.
Michaela Merz 