New deadlines for VAT deduction

The 2017 corrective measure (D.L. 24 April 2017 50, converted with amendments into L. 21 June 2017 n. 96) introduced some significant changes with regard to the deadlines within which taxpayers are required to exercise the right to deduct VAT relating to the purchase of goods and services and registering purchase invoices and customs bills of entry in the VAT register detailed in art. 25 of D.P.R. n 633/72.

These changes have a major impact on the behavior of taxpayers who will be forced, especially at the end of the year, to make sure they have received the above-mentioned documents so that they can be promptly registered and enable them to deduct the VAT they have paid to their own suppliers.

  • 2017 invoices received by January 16th, 2018 must be recorded with reference to December 2017 and input VAT thereon is deducted in the corresponding monthly calculation.
  • 2017 invoices received between January 17th and April 30th, 2018 must be recorded before submitting the 2017 VAT return (normally April 2018) and VAT thereon must be deducted no later than the first subsequent monthly calculation (normally May 16th, 2018).

Please do not hesitate to contact our professionals should you require more information on the above.