In a significant move to harmonize its tax sanction system with other EU countries, a new decree has been introduced, aiming to provide more proportional sanctions for tax violations. Decree n. 87/2024, released on 28 June 2024, amends several regulations and will apply to violations committed from 1 September 2024.
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Updated tax penalty regime in Italy
Public
Italy
Author: Nikolina Basic
Category:
Fiscal subject related
Views:
113
Content accuracy validation date:
19.09.2024
Content accuracy validation time:
07:36h
The updated legislation brings several changes:
- Reduced penalties for sellers: The penalty for incorrectly documented VAT has been reduced from 90% to 70%, with a new minimum of EUR 300 instead of EUR 500.
- Invoicing violations: Penalties for violations related to invoicing and registration of exempt or non-taxable amounts have been adjusted to 5% of the fees, down from a range of 5% to 10%, with a minimum penalty of EUR 300.
- Intra-community supplies of goods: A new penalty of 50% of VAT has been introduced for Italian suppliers if goods transported to another EU Member State are not received within 90 days. Suppliers can rectify the transaction by adjusting the invoice and charging VAT within 30 days after the 90-day deadline.
- Omitted or incorrect invoices: Penalties for comitted or incorrect invoices issued within 90 days have been reduced to 70% of the undocumented VAT, down from 100%. Buyers can regularize the transaction by self-issuing an invoice through the SDI system.
- Reverse charge obligations: Penalties for violations of reverse charge obligations now range from EUR 500 to EUR 10,000, reduced from the previous range of EUR 500 to EUR 20,000. Buyers can regularize the transaction by issuing a self-invoice through the SDI system and submitting the applicable invoice report within 90 days.
- Regular exporters Regime: Transactions without charging VAT for goods supplied without a letter of intent are now subject to a 70% penalty, compared to the previous range of 100% to 200%.
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