From January 1st, 2018, the VAT refunds will be disbursed faster. The Italian Revenue Agency will direct deposit the refunds in the bank accounts of the businesses, as established by the dl 50/2017.
The procedural innovation makes it easier to comply with a requirement that, in 2017, benefited over 68 thousand businesses, artisans and professionals, who received 12 billion euros of VAT refunds (an increase compared to the 10.7 billion in 2016).
The Revenue Agency reminds taxpayers that, once registered on their online services, they will receive an SMS notification once the refund is deposited.
In 2017, around 38 thousand alerts were sent out, 16 thousand of which in the month of December alone.
Annual tax rebates have generally increased by 13%, with a growth trend that has been rising since 2014 (also thanks to the progressive introduction of procedural and technological innovations). The amount of the 2017 rebates is equal to 16.2 billion.
For those requesting annual or inter-annual reimbursements, there will also be novelty regarding VAT refunds as of February 1st 2018: part of the expenditure incurred for the guarantee is indemnified. In other words, 0.15% of the guaranteed amount per each year of surety is refunded. This is a provision of 2017 European law regarding the rebates requested with the 2017 annual VAT tax statement, or the interim reimbursements for the first quarter of 2018.
One of the first requirements for the 2018 VAT numbers is at the end of February: the deadline for the correction of the data relating to the Spesometro (expense report) sent in by last October 16 (this also applies to those who have failed to communicate the data of the invoices issued and received). Penalty sanctions will begin as of the first of March.