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Council Decision to Continue the Application of the Italian VAT Payment System

30 Jul
The Council's decision has been published, authorizing the continuation of the Italian VAT payment system Advocate Cyprus CYWORLD

Council Decision to Continue the Application of the Italian VAT Payment System

Council Decision to Continue the Application of the Italian VAT Payment System

The Council’s decision has been published, authorizing the continuation of the Italian VAT payment system.
On 24 July 2020 a Council Decision was published in the Official Journal of the EU authorizing Italy to continue to apply its system of separate VAT payments. Under the system of split payments, the supply of goods and services to the specified recipients is subject to VAT at the regular rates, but the payment is divided. The taxable amount is paid to the supplier and the VAT due is paid directly to the blocked VAT bank account. The decision extends the prior authorization expiry date from June 30, 2020 to June 30, 2023 and applies retroactively from July 1, 2020.

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