Tax obligations

Throughout the year, the taxpayer is required to comply with a series of obligations that vary, by type and by date, depending on the category of taxpayer and the type of tax that applies. It is important to note that almost all tax returns and fiscal communications must be sent by electronic filing only.

Compliances relating to direct taxation

Both IRPEF and IRES taxpayers have to complete an annual return to be able to self-assess and pay taxes in full for the applicable tax year and the tax payments on account for the current year at the time the return is prepared.

The tax return must be drawn up using a standard form approved by the tax authorities on a yearly basis.

Individuals and partnerships must file an annual tax return by the end of September of the following tax year, while limited liability companies must file the tax return within nine (9) months of the end of the relevant tax period (usually matching the balance sheet date).

The tax payments are divided into two payments on account payable during the course of the tax year, and a balance to be paid at the same time as payment of the first payment on account is due for the following year (the 16th day of the sixth month following the end of the relevant tax period, with the possibility of postponing to 16th day of the seventh month by paying 0.4% interest).

IRAP For IRAP purposes, an annual return has to be drawn up and submitted by the same deadline as the income return.
VAT An annual Value Added Tax return relating to a calendar year must also be filed, before the end of September of the following tax year: it must contain the total of incoming and outgoing operations, tax due, deductions, payments made, tax due as settlement or difference as credit.The taxpayer must also send a VAT concise return each year (“Comunicazione annuale dati IVA”). Effective from the calendar year 2016, the VAT concise return will no longer be required but the annual VAT return will have to be filed by the end of February of the following year. In general, settlement is effected on a monthly, quarterly or infra-yearly basis. Taxpayers who must make monthly payments must pay any amounts due by the 16th day of the month following the one to which the settlement relates or, in the case of quarterly settlement, by the 16th day of the second month following the end of the quarter.For the last yearly quarter, the payment deadline is 16th March. All credits will be deducted from the settlement in the following month or quarter. By 27th December, the taxpayer is asked to provide a payment on account as the last settlement of the year.
Off setting It is possible to offset credits and debits relating to the same tax (traditional offsetting) or credits and debits deriving from different taxes and social security contributions (horizontal offsetting).
IMU As of today, the IMU (municipal tax on property) return has to be prepared and submitted in the event of change of taxable status by both previous and new taxable persons.The filing must be made no later than June 30 of the year following the change. The return is effective for the following years as well, provided that no change in the disclosed information and elements entailing adjustment of the tax due occur.The tax is payable in two annual installments: 16th June and 16th December.

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