Global

Details

  • Service: Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 8/29/2012

Italy - VAT rates to increase in 2013 (not 2012) 

August 29:   The rates of value added tax (VAT) in Italy had been scheduled to increase in October 2012. However, because of recently enacted legislation, the VAT rates will not increase until July 2013—and then only if certain budgetary measures are not satisfied as to be determined 30 June 2013.

Under the legislation (enacted 7 August 2012), the VAT rates could increase according to the following schedule:


  • Beginning 1 July 2013 through 31 December 2013—the “reduced” VAT rate of 10% will increase to 12% and the “standard” VAT rate of 21% will increase to 23%.
  • Beginning 1 January 2014—the reduced VAT rate of 12% will be lowered to 11% and the standard VAT rate of 23% will be lowered to 22%.

The VAT rate changes are pursuant to article 21 of the Law Decree n. 95 (6 July 2012) which was adopted into law with amendments made by Law No. 135 (7 August 2012).



For more information, contact a tax professional with the KPMG member firm (KStudio Associato) in Italy:


Eugenio Graziani

+39 045 811 4111




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1801 K Street NW
Washington, DC 20006.

 

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