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lunedì 15 maggio 2017

NEW TIME LIMIT FOR THE VAT DEDUCTIBILITY


Under the Article 2, paragraph 1 of DL 50/2017, It’s possible to deduct the VAT on purchases when the tax becomes due and the right to deduct is exercised by the VAT return of the year in which the tax Right to deduction is born.
This time limit to deduct the VAT is in force since April 24th  (of this year) because until April 23rd, VAT could be deducted within the VAT return relating to the second year following the date in which the right was born.
In practice, VAT on goods received in December must be deducted within the deadline of submitting the annual VAT return even if the invoice is received after December.
If an invoice is received  by March 16th  (deadline for payment of the VAT balance) people will be able to deduct VAT correctly; If the invoice arrives after March 16th but by April 30  (deadline for submitting the VAT return) people can still deduct the VAT  in the annual VAT return and It will be indicated as a credit (difference between the balance with invoice received after March 16th and the amount actually paid on March 16th )
It may seem quite clear but the Article 2 of DL 50/2017 stipulates that the invoice must be registered before the periodic payment and in any case within the time limit for submission of the VAT return and the Article 1 of DPR 100/98 argues that a basic principle of VAT is that the VAT is deductible if the invoice is recorded during the period in which the deduction is made.

We hope that these law contradictions will be resolved quickly