Tag Archives: high sea

Declaration form for VAT Exemption (+70%) finally released

Italy, 15th June 2021

In regards to our recent news about the VAT exemption regime applicable to vessels chartering in Italy, the Italian Revenue Office (Agenzia Delle Entrate), according to the new Italian Budget Law 2021, has finally issued and released the necessary guidelines and declaration form to fulfill and file with electronical transmission.

The assigned number and details of the protocol attesting the successful transmission to the Revenue Office digital system must be kept on file and indicated in the invoices of the suppliers.

As a consequence of this, starting from 15th August 2021, the current procedure (the paper form to send to the Supplier) to obtain the VAT exemption will no longer be valid.

Please find below (also litsted into our DOWNLOAD area”) the Protocol RU-0151377 published on 15th June 2021 by The Italian Revenue Office along with the relevant guidelines.

Before executing the electronic transmission of the declaration form to the Italian Revenue Office, the owning company will need to perform the necessary calculation to confirm the +70% of trips at the international waters (high seas) as well as it needs to always keep the related evidences and documental proofs in case of any control or official audit (contracts, copy of the logbook, AIS data or data extracted from any other electronic on-board navigation, invoices and receipts) by the Authorities.

We point out that very strict penalties and sanctions are foreseen in the event of an official audit by the Italian Tax Authorities in the case that the owning company will not be able to demonstrate what has been declared. on this end, we strongly recommend to always keep on file for a minimum of 6 years all the necessary evidences confirming what it has been declared to the tax Authority on the electronic declaration form.

Yacht Welfare is at your disposal to provide further details.

Please feel free to contact us for more info and questions: info@yachtwelfare.it

ADE_Prot_RU_0151377_15062021Download
ADE_Prot_RU_0151377_15062021_All_(1)Download
ADE_Prot_RU_0151377_15062021_All_(2)Download

“E-INVOICE” NOT REQUIRED

Owning Companies identified for VAT in Italy by a Fiscal Representative are not required to be accredited to the SDI – Interchange System (SDI – Sistema di Interscambio ) for the e-invoicing procedure introduced by the Italian Tax Authority (Agenzia delle Entrate) starting from January 2019.

Law Decree N. 119/2018 (art. 15) amends the Italian regulation that introduced the mandatory electronic invoicing starting from 1st January 2019 (art. 1, para. 6 of Law Decree no. 127/2015) according to Implementing Decision (EU) 2018/593 from 16 April 2018 – which authorized Italy to the widespread use of electronic invoices – specifying that the obligation applies only to subjects established within the State (Italy) and not to foreign subjects identified for Italian VAT purposes, but not residing therein. This amendment implements what had been anticipated by the tax Agency in its Circular Letter no. 13/2018.

Therefore Owning Companies do not have the obligation to issue electronic invoices (e-Invoice).

This means that the actual procedure does not change and each invoice relevant to VAT due on Charters – having fiscal applicability in Italy – will still need to be issued in hard copy (paper format).

Please note that all the paper invoices issued by suppliers will need to contain the following wording: “copia cartacea della fattura” (translated: hard copy of the invoice). This will allow the Owning Company to still be able to deduct the VAT debited by the supplier. A “courtesy-copy” of the same invoice can be sent by the supplier to the client in digital format (e.g. pdf file sent by email).

A full explanation of the e-Invoicing in Italy can be consulted on the EU official website or visiting the following link: https://ec.europa.eu/cefdigital/wiki/display/CEFDIGITAL/eInvoicing+in+Italy.

For any questions or additional info please email us to info@yachtwelfare.it