The good news from the government for VAT numbers
What do the new rules provide for the payment of the second advance tax for VAT numbers. Giuseppe Liturri's point
There was an appointment with the tax authorities that has always been particularly inconvenient for VAT numbers: the one with the second tax advance to be paid by November 30th.
HOW THE FIRST AND SECOND ADVANCE OF VAT TAXES WORK
The first down payment is usually easier to swallow. This is 40% of the taxes declared for the previous year and is paid in June together with the balance. But the second deposit, equal to 60%, also due to the pre-Christmas period and due to the absence of the possibility of payment in installments, has never shone in popularity. In fact, with it you reach 100% of the taxes declared in the previous year and paying less – in the expectation that the year's incomes will be lower – is always a very risky operation. Also for sanctions in case of insufficient payment. So the alternative has never been there and paying extra and upfront has been the prevailing practice until now.
THE DEADLINE IS SLIPPED TO JANUARY 16TH OF THE FOLLOWING YEAR, POSSIBLE IN INSTALLMENTS
The postponement of the deadline to January 16th of the following year, with the option to pay even in 5 installments, is only permitted to entrepreneurs and professionals with a VAT number with a turnover of up to €170,000 and remedies the "defects" highlighted first. Liquidity is not taken away on the eve of the period of large consumption at the end of the year and the taxpayer is allowed to better determine the actual down payment, because in January it will be easier to determine the income for the year just ended and pay using the forecast method, rather than the historical.
Let's be clear, it is a simple movement of financial flows over time, which however make the difference for a small VAT number, especially in times of relatively high interest rates. No tax increases or reductions. In June, taxpayers' accounts with the tax authorities would still have been closed with the recovery of any credit for the amount paid in excess in November.
Preventing the taxpayer from financing the State for seven months had long been an objective of the political activity of the Northern League MP Alberto Gusmeroli and he finally achieved it, making it part of the legislative decree accompanying the 2024 budget law.
We are now waiting for the further pieces, outlined in the enabling law of the tax reform, which we will progressively see defined precisely in the delegated decrees over the next few months.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/slittamento-scadenza-secondo-acconto-imposte-partite-iva/ on Sat, 04 Nov 2023 07:20:34 +0000.