Prepared by Davide Accorsi and Federica Valastro
On February 21st, 2024, the Legislative Decree No. 13 dated 12 February 2024 on tax assessment was published in the Italian Official Gazette No. 43, implementing with additions the Draft legislative decree of 3 November 2023.
We had already provided our comment in our newsalert on the VAT news provided by Art. 4 of the aforementioned Draft Decree, to which we refer for further details[1].
The new legislative decree, in force as from 22 February 2024[2], has fully transposed the previous Draft with the only exception relating to the amount of the penalty applicable to tax representative in case of non-compliance.
More in detail, based on the new para. 7quinquies of the art. 11 of Legislative Decree no. 471 of 1997, in case of non-compliance of the the new warranty obligation, the fiscal representative will be punished with an administrative penalty ranging from Eur 3.000 to Eur 50,000 – instead of the previous fixed penalty equal to EUR 3.000[3] – making it impossible to apply the institution of legal cumulation.
Furthermore, a decree of the Minister for the Economy and Finance will identify the criteria under which fiscal representatives may take on this role only upon issuance of an appropriate warranty, also graduated in relation to the number of entities represented.
In order to fulfill the new obligations, the decrees of the Minister for the Economy and Finance identifying the criteria under which the tax representative may take on this role, as well as the criteria and procedures for issuing the guarantee should be published shortly.
[1] Read the article on Blog PwC TLS
[2] Please see art. 41 of the Legislative Decree no. 13 dated February 12th, 2024
[3] Please see art. 4 of the Draft legislative decree of 3 November 2023.
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