December VAT return in Italy
In Italy, the VAT filing process differs for December compared to other months. Typically, VAT returns are due by the end of the second month following the reporting period. To check specific deadlines, refer to this article: VAT Return Deadlines.
Procedure for December VAT Return in Italy:
-
VAT Calculation Based on Previous Year's Sales:
- The VAT for December is calculated based on the previous year's sales figures.
-
Prepayment Before Year-End:
- Before the year ends, you must pay the calculated VAT amount to the Italian Tax Authorities.
-
Final VAT Calculation in January:
- In January, the actual VAT amount for December is calculated.
-
Settling the Difference:
- The difference between the pre-paid VAT amount and the actual VAT amount is either used for future payments or must be paid separately.
Example:
- In December 2021: You paid €10,000 to the Italian Tax Authorities as a pre-payment for December 2022.
- In January 2023: The actual VAT for December 2022 is calculated at €11,000. The pre-paid €10,000 is deducted, leaving a balance of €1,000 to be paid.
Comments
1 comment
verified - 22.01.2025 - EA
Please sign in to leave a comment.