Italy: Applicability of the new Italian VAT law
Due to the fact the Italian Authorities didn’t release any clarification on paragraph no. 6 concerning the applicability terms of the new law, we have decided to apply a literary interpretation of the wording used in the provision issued on June 15th by the Italian Tax Authority.
Therefore:
the new rule does not apply to any Italian charters signed before June 15th 2020 (date of release of the official Provision by the Agenzia Delle Entrate n. 234483) it means that the “old” scheme of the lump-sum reduction will continue to be applied to contracts executed before June 16th with deposit in place.
Italian charter contracts executed from June 16th onward will be subjected to the new rule.
We reserve the right to provide to our clients additional information on the procedures to be applied if there will be any clarification from the Authorities.
