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NEW DEADLINES FOR VAT REDUCTION AND THE REGISTRATION OF PURCHASE INVOICES
Posted on 17/10/2017 by Clarkson Hyde
As previously indicated in Memo n. 11/2017, the 2017 corrective measure (D.L. 24 April 2017 n. 50, converted with amendments into L. 21 June 2017 n. 96) introduced some significant changes with regard to the deadlines within which taxpayers are required to exercise the right to deduct VAT relating to the purchase of goods and services and registering purchase invoices and customs bills of entry in the VAT register detailed in art. 25 of D.P.R. n 633/72.These changes have a major impact on the behaviour of taxpayers who will be forced, especially at the end of the year, to make sure they have received the above mentioned documents, so that they can be promptly registered and enable them to deduct the VAT they have paid to their own suppliers.The change in the law is admissible on the basis of EU Directive (art. 179 of Directive 2006/112) that enables member states to require that taxable persons exercise the right to VAT deductions in the same period (year) in which the right arose.Let us look in more detail at the changes that were introduced, the implications these changes will have and some issues that remain as yet unresolved.