The Italian authorities passed a series of measures aimed at detecting and combating tax fraud: "Quarterly informative report VAT invoices data". The aim is to get close to real-time information of company transactions, which will allow the tax authorities to perform a more efficient tax audit and reduce processing time. Companies face business challenges to implement these new requirements.
For companies that run SAP we have developed a SAP add-on solution by which the requirements can be met in time and in an automated fashion.
Quarterly informative report VAT invoices data
Starting from 1 January 2017 a new informative report of VAT data related to AP and AR invoices, including related credit and debit notes and customs bills, has to be filed by taxpayers on a quarterly basis (former Spesometro).
This new report should include the following data:
- The parties involved in the transaction: VAT number, name, address, fiscal representative
- Date and reference number of the invoices
- Taxable basis, VAT rate and VAT amount
- Type of transaction, reason of VAT exemption
- For correction invoice the reference to the reported original invoice
The deadline for filing of the VAT invoices data informative reports
For 2017, the VAT invoices data informative reports must be filed with the Tax Authorities on a six-monthly basis rather than on a quarterly one, i.e.:
- by September 18, 2017 (as September 16 falls on a Saturday) for the first semester of 2017;
- by February 28, 2018 for the second semester of 2017.
Starting from 2018, the deadlines will be on a quarterly basis again.
We offer a new SAP add-on solution by which the quarterly informative report can be submitted timely via our integrated SAP solution in an automated fashion. We can provide support as well with implementing the right processes and controls of the quarterly VAT calculations.
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Published by Richard Cornelisse
Richard advises multinational businesses in improving the efficiency and effectiveness of their Indirect Tax Function and Tax Control Framework.
He started his career as a manager at Arthur Andersen and then became a partner in EY where I led the indirect tax performance team for Netherlands and Belgium. Currently he is a senior managing director of Phenix Consulting.
Richard has over 20 years’ experience advising clients on international VAT issues. He is specialized in the tax aspects of financial transformations, shared service centre migration, and post merger integration work. Richard is also somewhat of a mentor, giving back to the profession. If you are interested in conversation and discussion, please feel free to contact him.