VAT: Obligation to report transactions with black listed countries

United Kingdom

On March 25, 2010 the Italian government introduced a new obligation for persons established in Italy for VAT purposes.

Taxpayers must report all transactions carried on with certain black listed countries after July 1, 2010 on either a quarterly or monthly basis depending on the value of the transactions carried out. Black listed countries are those indicated in the Ministerial decrees of May 4, 1999 and November 21, 2001.

Fines ranging from Euros 516 to Euros 4,130 are payable if there is failure to comply with the new reporting obligations.

To read a full copy of a Tax Alert published by CMS Adonnino Ascoli & Cavasola Scamoni please click here.