Italy VAT register compliance rules confirmed |
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27 November 2011 TMF Group reviews latest ruling on Italian bookkeeping requirements A recent Supreme Court ruling in Italy has confirmed the rules on Italian bookkeeping compliance requirements for VAT. The VAT ruling covers the rules on retaining hard copies of invoices for the purposes of VAT input cost deductions. In Italy, it is a requirement to maintain heavily prescribed ledgers, VAT Register, to support all VAT reporting. These must be in hard format - some practical exceptions are made around the use of Excel-based records that follow the same format as the physical register formats. Most other European VAT compliance regimes no longer require that all records and invoices are kept in full hard-copy version. |
