Decree Law no. 197/2012 dated 24 of August brings changes in area of invoicing. The concept of “equivalent document” will be replaced by an obligation to issue invoices. At the same time simplified invoicing will be allowed replacing the current regime of invoice exemption and issuing of sales receipts. New rules in area of e-invoicing will make the implementation more business friendly.
Tag: VAT rate
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.
Spain – increase of VAT rate in 2013
Spain will increase the VAT rate in 2013 from currently 18% to either 20% or 21%.
Michaela Merz 