VAT numbers, you change: taxes in installments, goodbye balances and advances

VAT numbers, you change: taxes in installments, goodbye balances and advances
VAT numbers, you change: taxes in installments, goodbye balances and advances

For decades in Italy there has been talk of the need, if not of a real fiscal revolution, of an organic reform that provides for the bureaucratic streamlining, as well as the hopeful decrease in the tax burden. Now something is moving at least on the VAT front. For which the “down payment” and “balance” payment system leads taxpayers to have to advance part of the taxes that they should pay the following year, while in the future it could foresee payments in installments month by month.

It was talked about a year ago

The idea is not new. Already a year ago the director of the Revenue Agency Ernesto Maria Ruffini, the Deputy Minister of Economy Laura Castelli and the then holder of the dicastery Roberto Gualtieri had mentioned it, in the logic of overcoming the mechanism of advances and balances to move towards a system based on the certainty of timing and obligations and a dilution during the year of the amounts to be paid, calculated on the basis of what is actually collected by VAT numbers.

The turning point

Now the topic is back at the top of the agenda, and the project could be completed independently of the general tax reform. On the subject, reported in Parliament by the League, there is also the convergence of Iv and M5S (which asks for an optional implementation).

What changes

Specifically, it aims to automate – and modernize, from multiple points of view – the tax system of VAT numbers and businesses, overturning the paradigm on which the Italian tax system is based today. Currently, the holders of a VAT number, assisted by their tax consultants, must calculate taxes not only for the current year, but also for the following year, paying the balance of taxes for the current year and the down payment for the next one. A system that inevitably generates credits or debts to be paid during the following year.

The proposal considers that the Revenue Agency – Collection should calculate the amount of taxes to be paid on a monthly basis (or quarterly, at most), and communicate the amount to the taxpayer. The latter will only have to accept the debit on the current account, verifying that all the Agency’s calculations are correct. This would also reduce the appointments on the fiscal calendar.

It is also convenient for the state

The goal is to free over 4 million taxpayers (including self-employed, professionals and VAT numbers) from an ever-changing calendar of tax deadlines. The system of periodic monthly (or quarterly) settlement could allow the tax authorities to record a constant flow of revenue, and no longer subject to peaks as now, and the taxpayers concerned to pay taxes on actual receipts and expenses and therefore to be able to rely on greater liquidity as a result of a reduction in the stock of tax credit.

Exit from flat tax

That of the installment of the payment may not be the only novelty coming for the self-employed: in view of the next delegation law, one of the hypotheses being studied by Parliament and the government is in fact also that of “a gradual exit” from the flat tax at 15 % for VAT numbers with turnover over 65 thousand euros, in order to allow growth without excessive penalties.

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