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In Italy as from 01 January 2019 Electronic Invoices Only
With effect from January 1, 2019, only electronic invoice swill be admitted in Italy to justify commercial transactions between residents parties.
The Budget Law 2018 established that, starting from 1 January 2019, for the sale of goods and services rendered between residents, established or identified in Italy (and for the relative variations), only e-invoices are issued.
The new obligations relate both to sales and services to VAT identified persons (ie B2B transactions, "business to business") and to sales and services to "final consumers" (so-called B2C operations, "business to consumer").
In the first hypothesis (B2B operations), the invoices must be transmitted exclusively through the Interchange System, using the format of the "FatturaPA", while in the second hypothesis (B2C transactions) the invoices will not be transmitted directly to the purchaser, but made available of the latter through the telematic services of the Agenzia Entrate (Italian tax authority).
If so far, the obligation to issue invoices in structured electronic format (XML) was only provided for transactions with Public Administrations, from 2019 the obligation will cover all operations subject to VAT carried out between subjects resident or established in Italy.
The e-invoice is aimed at making more effective the action to face tax evasion, increasing the control capacity of the Tax Office.
Having access to the data of the generality of invoices issued for transactions between entities established or identified in Italy, the Agenzia Entrate can verify more effectively the correct discharge of VAT by the taxable persons and provide, in some cases, the pre-completed data for the fulfillment of the declaratory, liquidation and VAT payment obligations.
The instruction given by Agenzia Entrate reminds that the regulation of the e-invoice has not modified the obligation to register the invoices issued and received. Furthermore, it is specified that it is also possible to keep electronic copies of e-invoices.
It clarifies that those who issue/receive e-invoices can keep them both in Italy and abroad, in countries with which there is a legal instrument that regulates mutual assistance.
Federico Rossi has been focused on tax and administrative matters mainly about commercial companies, automotive, real estate and metal processing clients, Mr. Rossi has also focused in individual repatriation fiscal benefit.
Other practice included m&a, tax planning, corprorate formation and tax compliance.