Italy has provided detailed requirements for the new Italian VAT declaration (Spesometro) providing detailed analysis of VAT transactions above €3,600. The Spesometro VAT return which was first proposed in 2010 is the latest effort by the Italian tax authorities to reduce the possibilities for black market transactions by requiring taxpayers to give details of their customers and suppliers.
The new VAT return will require taxpayers to provide an analysis of transactions with invoices above €3,600, transactions with compulsory invoices and cash transactions with non-EU individuals.
There are a number of exemptions (including: imports, exports and intra-community supplies) and details of transactions should include the date, VAT number of the customer and VAT rate applied.
Filers of monthly returns for the first 2012 filing is due by 12 November 2013. Italian VAT registered businesses filing quarterly returns are due to file by 21 November 2013. Taxpayers will need to ensure that their accounting systems are adequate to provide the required information to the tax authorities.
