On October 16, 2017, Italy's Council of Ministers approved the 2018 Budget Bill. The bill proposes two new electronic invoicing requirements for businesses. Starting July 1, 2018, electronic invoices would be required to be submitted through the Sistema di Interscambio for services rendered by subcontractors under a public-service contract, as well as for the sale of petrol or diesel for engines.
The second item, however, would have far more sweeping impact. Specifically, starting on January 1, 2019, all business to business transactions for the supply of goods and taxable services would have to be submitted through the Sistema di Interscambio.
As adopting an e-invocing mandate may require EU permission, this measure is simultaneously being sent to the European Commission for review while it makes its way through the Italian Parliament, where it must be acted upon by the end of the year.
About the Author
Brendan Magauran is a Junior Regulatory Counsel at Sovos Compliance specializing in international taxation, with a focus on Value Added Tax Systems in the European Union. Brendan received his B.A. and J.D. from Washington University in St. Louis and is licensed to practice in New Hampshire and Massachusetts.More Content by Brendan Magauran