GLOBAL INDIRECT TAX. Italy. Country VAT/GST Essentials. kpmg.com TAX

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1 GLOBAL INDIRECT TAX Italy Country VAT/GST Essentials kpmg.com TAX

2 b Italy: Country VAT/GST Essentials

3 Italy: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to VAT? 2 What is the standard rate of VAT? 2 Are there any reduced rates, zero rates, or exemptions? 2 Registration 3 Who is required to register for Italian VAT? 3 Are there penalties for not registering or late registration? 3 Are there any simplifications that could avoid the need for an overseas company to register for VAT? 4 VAT Grouping 4 Is VAT grouping possible? 4 Can an overseas company be included in a VAT group? 4 Returns 5 How frequently are VAT returns submitted? 5 Are there any other returns that need to be submitted? 5 VAT Recovery 6 Can I recover VAT if I am not registered? 6 Does your country apply reciprocity rules for reclaims submitted by non-established businesses? 6 Are there any items that you cannot recover VAT on? 6 Invoices 9 What do I have to show on a tax invoice? 9 Can I issue invoices electronically? 10 Is it possible to operate self-billing? 10 Transfers of Business 11 Is there a relief from VAT for the sale of a business as a going concern? 11 Options to Tax 11 Are there any options to tax transactions? 11 Head Office and Branch Transactions 12 How are transactions between head office and branch treated? 12 Bad Debt 12 Am I able to claim relief for bad debts? 12 Anti-Avoidance 13 Is there a general anti-avoidance provision under VAT law? 13 Penalty Regime 15 What is the penalty and interest regime like? 15 International Supplies of Goods and Services 7 How are exports of goods and services treated? 7 How are goods dealt with on importation? 9 How are services which are brought in from abroad treated for VAT purposes? 9 All information reflected in this document was obtained/summarized from KPMG in Italy as of October 2011.

4 2 Italy: Country VAT/GST Essentials Scope and Rates What supplies are liable to VAT? Value-added tax (VAT) is due on any supply of goods or services made in Italy, where it is a taxable supply made by a taxable person in the course or furtherance of a business carried on by said person. Supply includes all forms of supply. Supply does not include anything done otherwise than for a consideration. However, certain actions carried out for no consideration are deemed to be supplies, for example (and by no means exhaustive), conditional sales, renting contracts with a binding clause for the transfer of ownership, private use of business assets (or more generally for purposes other than those of the business), disposal free-of-charge, supplies of services (where the value exceeds the threshold of EUR25.82) for private use or for free. Furthermore, VAT is due on any importation. What is the standard rate of VAT? The standard rate of VAT is 21 percent as of 17 September This rate was previously 20 percent. Are there any reduced rates, zero rates, or exemptions? Yes. There is a reduced rate of 10 percent for certain goods and services, including: certain foods domestic fuel and power public transport certain pharmaceutical products water hotel accommodation services of writers and composers some TV and radio broadcasting social housing power deriving from renewable sources. In addition, there is a reduced rate of four percent for certain goods and services, including: basic foodstuffs books and newspapers main residence certain pharmaceutical products some television and radio broadcasting medical equipment and aids for disabled people.

5 Italy: Country VAT/GST Essentials 3 Registration The list of zero rate supplies includes: exports and European Union (EU) supplies supply, modification, repair, maintenance, chartering, and hiring of sea-going vessels, and aircrafts used for international traffic international transport services services directly connected with exports or imports works upon goods to be delivered outside of Italy. The list of exemptions includes: finance insurance transactions relative to the collection of taxes lotteries, betting, and other games of chance certain transactions relating to civil dwellings and property postal services cultural services certain real estate transactions. Note: it is not possible to recover VAT incurred in making exempt supplies. Who is required to register for Italian VAT? Italian Entities If your business makes taxable supplies in Italy you will be required to register and account for Italian VAT. No VAT registration threshold exists in Italy. Non-Italian Entities The registration rules that apply to Italian entities also apply to non-italian entities which are making taxable supplies in Italy. If your business is not registered for VAT in Italy but sells and delivers goods from another EU Member State to customers in Italy who are not VAT registered (distance sales), where the value of those sales exceeds a threshold of EUR35,000, your business is required to register and account for VAT in Italy (either via direct identification, where possible, or through the appointment of a VAT representative). Access the form and the instructions for direct identification on the Italian tax authority s website: agenziaentrate.it/ilwwcm/connect/nsi/strumenti/modulistica/ Comunicazioni+e+domande/IVA+AA9_9+AA7_9+ANR_2/ IVA+-+Modello+ANR+2/ Are there penalties for not registering or late registration? The penalty for failing to register for VAT on time is between EUR516 to EUR2,066.

6 4 Italy: Country VAT/GST Essentials VAT Grouping Are there any simplifications that could avoid the need for an overseas company to register for VAT? Certain simplifications schemes may apply as follows: Triangulation If your business is an intermediate supplier to an Italian buyer of goods which you purchase from a business in an EU Member State other than your own and are delivered from there to Italy, VAT due can be accounted for by the Italian customer (see section Invoices). Call-Off Stock Where you store stock at your customer s premises under their control the customer accounts for VAT on the supply as an acquisition. Supply and Install If your business supplies goods and installs or assembles them in Italy, your customer can account for any VAT due, in effect, as an acquisition. You must be registered for VAT in another EU Member State, and not otherwise required to be registered in Italy. In addition, the goods must be shipped from within the EU (see section International Supplies of Goods and Services). Is VAT grouping possible? Yes. However, Italian VAT grouping differs from what is ordinarily intended as a VAT group in other EU Countries. In Italy, companies belonging to a group may opt for a VAT grouping in that they are able to offset the VAT credits and debts of each group company. Thus, repayment and payment positions of the companies being part of the group may be pooled together even if each group member retains its own VAT number and intra-group transactions are not disregarded. As from 1 January 2008, VAT repayment positions of new VAT group members accrued before the person enters the group cannot be used to shelter VAT net payment positions of other members. Can an overseas company be included in a VAT group? Yes, the opportunity is also given to companies either resident in a EU Member State, other than from Italy, registered for VAT in Italy or with a permanent establishment in Italy, to pool their Italian VAT position with the one of the other companies that belong to the group. Domestic Reverse Charge See for more detail the section International Supplies of Goods and Services. In general, the obligation to account for the VAT due can be shifted to your customer (if you are a non-established supplier) provided that your customer is resident in Italy and is registered for Italian VAT, and that you do not have an Italian fixed establishment intervening in the supply. Bear in mind that these provisions are subject to particular requirements and so you should check carefully whether you comply with them.

7 Italy: Country VAT/GST Essentials 5 Returns How frequently are VAT returns submitted? All registered businesses are required to submit VAT returns on an annual basis. The VAT due is paid on a periodical basis (monthly or quarterly) and repayments are made on an annual basis (quarterly repayment claims are admitted in certain cases). An additional annual declaration is required for certain tax payers. Failure to file VAT returns and settle any outstanding payments on time may result in penalties. Penalties are up to 240 percent of the outstanding amount of VAT. Are there any other returns that need to be submitted? In Italy the European Sales Listings (ESL) and statistical report forms (Intrastat) have been combined. They are normally referred to collectively as Intrastat returns. There are two separate returns; one for dispatches of goods and services, and the other for acquisitions of goods and services. Intrastat returns must be filed on a monthly basis. This rule provides an exception with regards to taxpayers whose turnover does not exceed a certain threshold ( 50,000 either in respect of the quarter concerned and in respect of the 4 quarters preceding the one relating to which the listing must be filed); they are entitled to the listings on a quarterly basis. Access the Intrastat forms for supplies on the Italian tax authority s web site: connect/resources/file/eb35164c7b0fc46/intra1euro. pdf?mod=ajperes resources/file/eb352f4c7b3c138/intra1biseuro. pdf?mod=ajperes resources/file/eb35934c7b4fb94/intra1tereuro. pdf?mod=ajperes Access the Intrastat forms for acquisitions on the Italian tax authority s web site: resources/file/eb35994c7b611a1/intra2euro. pdf?mod=ajperes resources/file/eb35ac4c7b7fdf2/intra2biseuro. pdf?mod=ajperes resources/file/eb35c84c7ba0fbc/intra2tereuro. pdf?mod=ajperes Failure to submit Intrastat declarations on time may result in a penalty of between EUR516 1,032, plus an additional penalty (for statistical violations) ranging from EUR516 to EUR5,164.

8 6 Italy: Country VAT/GST Essentials VAT Recovery Can I recover VAT if I am not registered? Yes, if the amount of VAT is not lower than EUR50. If you are established in another EU Member State then you should make a claim under what is known as the EU Directive 2008/9. If you are a non-eu business you should recover the VAT under the 13th Directive (the refund is conditioned upon the granting by non-eu States of comparable advantages regarding turnover taxes). Under both of these provisions there are strict conditions and time limits for making claims. The claim period covers the calendar year and claims must be submitted by the September 30 of the following year. The claim period can be shorter than a calendar year (quarter) if the VAT amount recoverable in this period is not lower than EUR400. Access the claim forms on the Italian tax authority s web site: file/ebba3c4df5f09df/mod_iva79.pdf Does your country apply reciprocity rules for reclaims submitted by non-established businesses? Italy applies reciprocity rules for reclaims submitted by companies established in non-eu countries, in compliance with art 38-ter of the Italian VAT Act (which enacted in Italy the 13th Directive refund procedure). Currently, the only non-eu countries which have entered reciprocity agreements with Italy (and whose companies can file 13th Directive refund claims to the Italian tax authorities) are Switzerland, Norway and Israel. Are there any items that you cannot recover VAT on? Yes. There are certain items that you cannot recover VAT on. For example: Exempt supplies: where VAT relates to both taxable and exempt supplies, you need to make an apportionment. Non-business (including private) activities: where VAT relates to both business and non-business activities, an apportionment is required. Motor cars (excluding commercial vehicles): the VAT recovery rate is limited to 40 percent for VAT incurred on expenditures on cars not wholly used for business purposes. The limitation covers all the expenditures incurred on cars: the purchase of the vehicle (including contracts of assembly and the like), intra-community acquisition, importation, leasing or hire, modification, repair or maintenance, lubricants, fuel, and similar. The restriction does not apply where the vehicle falls into any of the following categories: The vehicle forms part of the taxable person s stock in trade in the exercise of his/her activity. The vehicle is used as a taxi. The vehicle is used for instruction by a driving school. The vehicle is used for hire or leasing. The vehicle is used by sales representatives.

9 Italy: Country VAT/GST Essentials 7 International Supplies of Goods and Services Business entertainment: VAT is generally not recoverable on business entertainment costs, as defined for Corporate Income Tax purposes. A recently enacted provision (Ministerial Decree 19 November 2008) has stated that certain kind of expenses cannot be considered entertainment costs; it follows that the input VAT relating to said expenses has become fully recoverable (for instance, according to said provision, the travel, meals, and accommodation expenses incurred to host even potential clients during exhibitions where the goods and services produced by the enterprise are displayed should not be considered entertainment expenses). Tour Operators Margin Scheme. The VAT on goods and services which fall under this scheme cannot be reclaimed. Goods sold under one of the margin schemes for second hand goods. There are a number of schemes which provide for VAT to be accounted for on the goods sales margin, but do not allow VAT recovery on the purchase of those goods. For entertainment activities such as cinemas, theatres and sports, the operators with a turnover that does not exceed EUR25,822 and those which set up traveling shows (their turnover is of no importance), the VAT is applied on a taxable amount equivalent to 50 percent of the total of receipts collected, but such operators cannot deduct the VAT on their purchases. How are exports of goods and services treated? Goods If you sell goods to a customer who is registered for VAT in another EU Member State and the sale involves the removal of those goods from Italy (either by you or your customer) to that Member State, then you do not need to charge VAT and may zero rate the supply as an intra-eu dispatch. You must obtain your customer s VAT number and quote it on your invoice. You should also obtain evidence of the goods removal from Italy. If you sell goods to a customer who is not registered for VAT in another EU Member State, you will have to charge Italian VAT. If your sales exceed a certain threshold for that Member State you may have to register in the Member State under what is known as the Distance Selling Scheme. If you export goods to a customer (business or private) outside of the EU, then you do not need to charge VAT; but, as for intra-community sales, you should make sure that in all cases you keep proof of dispatch/delivery to support your zero rating.

10 8 Italy: Country VAT/GST Essentials Services If you supply services to a business customer established in another EU Member State or outside of the EU, then you can zero-rate your supply provided the service does not fall within one of the following categories: transfers and assignments of copyrights, patents, licenses, trademarks, and similar rights services connected with immovable property, taxed in Italy if the property is located in Italy passenger transport, taxed in Italy proportionally to the distance covered in Italy restaurant and catering services, taxed in Italy if physically carried out in Italy restaurant and catering services supplied on ship, airplanes or trains during an intra-community passenger transport, taxed in Italy if the point of departure is in Italy short-term hire of means of transport, taxed in Italy if the means of transport are put at disposal of customers in Italy, provided they are used in the EC territory, or, if the means of transport are put at disposal of customers outside the EU territory, if they are used within the Italian territory admission and services ancillary to admission to cultural, artistic, sporting, educational, entertainment events, including fairs and exhibitions, are taxed in Italy if the event takes place in Italy services to non-business customers are taxed in Italy if the supplier is established in Italy, Please note, however, that this general rule is subject to many exceptions that must be analyzed on a case-by-case basis. Habitual Exporters A resident company, which makes zero rate supplies (exports, EU supplies, international services, etc.) for more than 10 percent of its total turnover, acquires the status of habitual exporter. A habitual exporter is entitled to purchase VAT-free services and goods (exceptions apply for immovable property and for goods and services on which you cannot recover VAT) up to the amount of the zero rate supplies made in the prior calendar year or during the preceding 12 months. Documental obligations and procedures apply (in order to benefit from VAT-free treatment, the habitual exporter is required to submit its supplier a so-called declaration of intent, filling in a specific form). The 2005 Finance Bill has introduced the obligation for the supplier of a habitual exporter to electronically submit to the Italian authorities a return, according to an official form, reporting the information contained in the aforesaid declaration of intent received, on a monthly basis. The deadline for submission is the 16th day of the month following. Access the form and the instructions for the return: ebc5a8054a8f208/lettera_int_mod.pdf

11 Italy: Country VAT/GST Essentials 9 Invoices How are goods dealt with on importation? When goods are imported into Italy from outside the EU, import VAT and customs duty may be due. This has to be paid or secured before the goods will be released from customs control. How are services which are brought in from abroad treated for VAT purposes? If you buy in certain services from outside Italy, you will be required to apply the reverse charge. This is intended to take away any VAT advantage of buying those services from outside Italy. Under the reverse charge you are required to account for a notional amount of VAT as output tax on your VAT return covering the period in which you made the payment and you recover this VAT as input tax on the same return. If you are able to recover all of your VAT, the reverse charge has no cost effect and is a VAT compliance matter only. However, if you are partly exempt there is likely to be a VAT cost depending on the level of recovery allowed under your partial exemption method. The reverse charge applies to all services supplied to Italian business customers by non-established suppliers, with the exceptions previously listed. What do I have to show on a tax invoice? If you have to issue a tax invoice it should contain the following data: date of issue a sequential invoice number (with reference to the calendar year). If the invoice adjusts an earlier invoice (such as, a credit note), unambiguous reference should be made to the original invoice supplier s VAT number customer s VAT number (always on intra EU supplies when the customer is a taxable person). If the VAT on a transaction will be accounted for by the customer and not the supplier such as the reverse charge mechanism applies, then an invoice is required and the invoice requires a written explanation for the basis of the transaction or a reference to the respective paragraph in the VAT Directive or local country VAT Act supplier name and address customer name and address address of the permanent establishment the quantity and nature of the goods/services supplied the taxable amount per rate unit price (exclusive of any VAT) the market value of the goods sold as a cash discount or allowance when this is provided for by the contract as well as the market value of other goods given as discount or allowance when this is not provided for by the contract

12 10 Italy: Country VAT/GST Essentials the VAT rate applicable the amount of VAT payable in Euros (EUR) legal basis for exemption (if applicable) new Means of transport/margin schemes (if applicable) VAT number, name and address of fiscal representative the Italian tax authorities could require the translation in Italian with reference to certain exempt supplies of services (such as, bank or insurance services) or with reference to certain services supplied by specific persons (retailers), the Italian VAT law provides to release the supplier from the obligation to issue an invoice, if the supplier is not requested by the purchaser to issue the invoice (purchasers that acquire good for purposes of their business must request to the retailers to issue the invoice). In addition, please note that the taxable person who performs exempt supplies falling under article 13 can request the Italian tax authorities to be released from the issuing of the invoice with the exclusion of the supply of gold, medical services, and hospital services the date and the number of the DDT (bill of delivery), if according to the law a delayed invoice procedure is in place the indication of the issuer of the invoice in case of self-billing for intra-eu supplies of new means of transport, which are already enrolled with public relevant transportation registers, the date of the first registration on the public register and the amount of kilometers covered, or the amount of hours of navigation or flight. Can I issue invoices electronically? Yes, provided you have the agreement of your customer before doing so and you use Electronic Data Interchange (EDI) or an advanced digital signature to guarantee the authenticity of the origin of the invoice and the integrity of the content. Certain retailers ordinarily required to issue cash till receipts to private customers who do not require an invoice, can replace such obligation by a daily electronic transmission of relevant data to authorities. The detailed transmission procedure is described in the Ministerial Guidelines of 8 July Is it possible to operate self-billing? Yes. However, the supplier remains responsible for the issue of the invoice. Furthermore, if the issuer is resident in a black listed State, the supplier (who must have been in business for at least five years and has not been assessed for VAT by tax authorities in the preceding five years) must communicate beforehand the arrangement to the tax authority.

13 Italy: Country VAT/GST Essentials 11 Transfers of Business Is there a relief from VAT for the sale of a business as a going concern? Yes. If you sell your business as a going concern then VAT is not due. The transaction is subject to the registry tax. There are certain conditions to satisfy, for example the purchaser should intend to use the assets to carry on the same kind of business carried out by the seller. Options to Tax Are there any options to tax transactions? The Italian VAT law provides for a general regime of exemption for the real estate transactions, with certain exceptions. However, in case of transfer of industrial-type immovable property, there is the possibility to opt in the transfer deed for the VAT taxation of the transaction. In the same way, for the lease of industrial-type immovable property, there is the possibility to opt for the VAT taxation of the leasing, on a unit by unit basis, at the time of the conclusion of the leasing agreement. The reverse charge procedure applies to the transfer of industrial-type immovable property where the supplier has opted for VAT taxation. The reverse charge applies for supplies between business persons, whose tax point occurs after 1 October As from 1 March 2008, the reverse charge also applies to the sale of industrial-type real estate property where the customer is a partially exempt business person.

14 12 Italy: Country VAT/GST Essentials Head Office and Branch Transactions How are transactions between head office and branch treated? From a VAT perspective, in case of sale of goods, the local branch and the foreign head office are treated as separate entities, therefore transactions are not disregarded. As regards services, instead, in the light of the decision on the FCE case (C-210/04), the Italian tax authorities has clarified that services rendered between a head office and its branch, are disregarded for VAT purposes (under the condition pointed out by the ECJ that the branch lacks of decisional autonomy). Bad Debt Am I able to claim relief for bad debts? You may only claim VAT relief for bad debts if it is due to your customer s bankruptcy or insolvency.

15 Italy: Country VAT/GST Essentials 13 Anti-Avoidance Is there a general anti-avoidance provision under VAT law? There is not a general anti-avoidance rule for VAT purposes; there are, however, some specific anti-avoidance provisions. Based on recent positions of the Italian Supreme Court (cases No 14428/2005 and 12353/2005), should the tax payer perform obvious uneconomical transactions in a way that VAT is not due, the tax authorities would be allowed to reclassify the transactions and claim for application of VAT. The taxpayer should always be in the position to prove the economic value of his/her acts, which otherwise appear to be carried out with the only purpose of obtaining an undue tax advantage. With this respect, the Italian tax authorities have recently clarified (in Circular Letter n 67 of 13 December 2007) that the principles set forth in the Halifax ECJ decision should also apply for Italian VAT purposes. The 2008 Financial Bill has introduced a specific antiavoidance provision according to which the fair market value becomes the taxable basis in certain transactions between related parties which are partially exempt. Law Decree n. 40/2010 (converted into final Law n. 73/2010), and completed with Ministerial Decree of 30 March 2010, introduced a new reporting requirement: Italian VAT persons (including non-established persons, registered in Italy for VAT purposes either with a fiscal representative or through a direct VAT identification) must report electronically (on a monthly or quarterly basis, depending on the volumes of transactions carried out)goods and services supplied to, and goods and services acquired from, B2B customers whose legal seat, residence or domicile is located in one of the countries included in the following list. Imports and exports should also be reported. The reporting deadline is the end of the month following the relevant period. An anti-carousel fraud rule (in force as of 1 January 2006) has been introduced in Italy (art. 60 bis of the Italian VAT law) providing a joint liability of the purchaser for the VAT not paid by the seller. This rule only applies when the price is lower than the relevant market value. This anti-fraud rule only applies to a limited series of goods: cars, motorcycles, mobile phones, computers, live stocks, and fresh meat.

16 14 Italy: Country VAT/GST Essentials Black listed countries Alderney Kenya Andorra Kiribati Angola Lebanon Antigua Liberia Anguilla Liechtenstein Dutch Antilles Luxembourg Aruba Macao Bahamas Maldives Bahrain Malaysia Barbados Republic of Mauritius Barbuda Monaco Belize Montserrat Bermuda Nauru Brunei Niue Costa Rica New Caledonia Dominican Republic Oman Ecuador Panama United Arab Emirates French Polynesia Philippines Puerto Rico Jamaica Saint Kitts and Nevis Gibraltar Solomon island Djibouti Samoa

17 Italy: Country VAT/GST Essentials 15 Penalty Regime Grenada Saint Lucia Guatemala Saint Vincent and Grenadine Guernsey San Marino Herm Saint Helena Hong Kong Sark Isle of Man Seychelles Cayman Islands Singapore Cook Islands Switzerland Marshall Island Taiwan Tonga British Virgin Islands The Turks and Caicos Islands What is the penalty and interest regime like? The VAT penalty regime can be categorized on the basis of the type of the violation committed by the taxpayer, as follows: Violations in Relation to VAT Return Failure to submit the annual VAT return: the relevant penalty ranges from 120 percent to 240 percent of the amount that should have been declared by means of this return; if the taxpayer carries out only transactions on which VAT is not due, the relevant penalty ranges from EUR258 to EUR2,065. Submission of an inaccurate VAT return: the relevant penalty ranges from 100 percent to 200 percent of the amount of VAT not shown or of the VAT credit resulting by the return in excess of the correct amount.

18 16 Italy: Country VAT/GST Essentials Failing to Record Failure to record transactions subject to VAT (including EU-acquisitions): the relevant penalty ranges from 100 percent to 200 percent of relevant VAT. Failure to record transactions that are VAT exempt or nontaxable: the relevant penalty ranges from 5 percent to 10 percent of the amount failed to record. In any cases the penalty cannot be lower than EUR516 for each violation. Failure to record VAT exempt or non-taxable transactions, which does not cause violations in relation to corporate income taxation: the relevant penalty ranges from EUR258 to EUR2,065. If the supplier of goods or services fails to issue the invoice or if the invoice received contains any mistake, the taxpayer that fails to regularize (according to specific formalities) the (non-issued or mistaken) invoice is hit by a penalty equal to 100 percent of the relevant VAT. The 2008 Financial Bill has introduced new reduced-penalties for violations regarding domestic reverse-charge procedures where VAT was actually paid by one of the parties. Violations in Relation to Exports The VAT penalty regime provides penalties if the taxpayer who carries out exports does not comply with a number of provisions that allow VAT be not collected on such transactions. In principle, penalties referring to such violations are proportional to the theoretical VAT that could be collected. Other Violations The VAT penalty regime provides for lump-sum amounts, ranging from a minimum to a maximum, depending on the type of the violation, due by the taxpayer who commits ancillary violations (such as, in case of submitting a VAT return non-consistent with the official format, in case of failing to submit some communications provided by VAT provisions or in case of failing to keep VAT records). Failing to Make Payments (or Payments Lower than the Ones Due) The relevant penalty is equal to 30 percent of the amount unpaid, plus interest on the unpaid amounts calculated at 5 percent. Law Decree n. 223/06 introduced criminal violation provisions, which punish tax payers who do not pay the VAT, due on the basis of the annual tax return, by the deadline to pay the down-payment relating to the following year (currently 27 December), if the amount of such VAT is higher than EUR50,000. The penalty is the reclusion in jail from six months to two years. The same applies to those tax payers who compensate tax obligations with VAT credits not existing or not due, for an amount higher than EUR50,000 in a year.

19 Italy: Country VAT/GST Essentials 17 General Rules In cases in which the law provides penalties ranging from a minimum to a maximum amount, the effective amount of the penalty is settled by tax authorities at the time of an assessment. When determining the amount, tax authorities consider the severity of the violation, taking into account the behavior and the social and economic situation of the taxpayer. Voluntary Repentance For the sake of completeness, it may be worth noting that the taxpayer can reduce the above mentioned penalties (that are the penalties that would have been due in case of an ordinary assessment) by means of a so called voluntary repentance (referred to as ravvedimento operoso) which has to be made within defined terms and, in any case, before an assessment. Penalties may be increased by 50 percent if the taxpayer committed similar violations, already assessed, in the preceding three years. In case of an assessment, each violation committed by the taxpayer triggers in principle the relevant penalty. However, the Italian legislation provides some favorable mechanisms to compute the penalties in case of violations of the same kind (that is, in breach of the same provisions of law) that are committed more than once in a tax year or in different years. In addition to pecuniary penalties, there are also ancillary penalties such as the suspension of the trading license

20 The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation KPMG International Cooperative ( KPMG International ), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International. Designed by Evalueserve. Publication name: Italy Country VAT/GST Essentials Publication number: Publication date: January 2012

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