Italy had the largest VAT gap among the EU Member States. In 2015, the difference between the expected VAT revenue and the amount actually collected was an incredible €35 billion. That’s changed, however, following the mandate by the Italian government which made B2B e-invoicing mandatory for all companies from January 2019
On 20 April 2020, Italy decided to delay the implementation of version 1.6 of the technical specification of the Italian Tax Invoice – Fattura, mainly because of the impact of the COVID-19 crisis. Version 1.6 will now be applicable for voluntary use from 1 October 2020 and mandatory from 1 January 2021. Tax Payers can continue to use the 1.5 technical specifications until 31 December 2020.
Originally, the 1.6 (as per ruling 99922/2020) version was planned for voluntary implementation on 4 May 2020, and mandatory implementation by October 2020.
Tungsten Network partnering with businesses every step of the way
As part of our commitment as an intermediary between businesses and tax authorities, we have been keeping up with the updates from the Italian government. We will be working with customers ahead of the implementation deadlines to ensure they remain compliant.
The compliance landscape is continually evolving and we’re dedicated to understanding each country’s unique requirements so that the invoices we process are compliant.
If you have any questions on compliance or Tungsten Network’s Roadmap, get in contact with our Country and Tax Compliance team at country[email protected]