For VAT compliance in Italy, transactions need to be recorded via invoices. This enables VAT-qualifying clients to temporarily deduct sales tax and it allows their transaction partners fulfill documentation requirements.
Invoices are mandatory for all VAT-related transactions, encompassing zero-rated, reverse billing, and VAT-exempted transactions.
Typically, VAT invoices should be issued within 12 days from the transaction date. In Italy, such invoices should be preserved for five years after the year the Annual VAT return is filed.
This can extend to seven years if the Annual VAT return wasn’t filed. From a civil law perspective, accounting records must be maintained for a decade.
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For some transactions, a simplified invoice containing fewer details can be provided, provided the sale amount stays below EUR 400.
While the EU provides overarching guidelines, individual EU nations have the discretion to determine specific national policies. The EU Commission lists the exact provisions set by each EU country on its website.
Last Updated: 08/09/2023
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