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What Is the VAT in Italy?

What Is the VAT in Italy? thumbnail
The VAT in Italy is a tax on goods and services.

The VAT in Italy is the value-added tax. It is an indirect tax on all business transactions involving goods and services, and is also known as "imposta sul valore aggiunto" or IVA.

  1. History

    • The value-added tax was introduced in 1954 by French economist Maurice Laure. The VAT is applicable for all countries in the European Union and is different for each country.

    Rates

    • In 2010, Italy's VAT for business transactions and purchases was 20 percent, and the tax for basic products 4 to 10 percent. A tax of 4 to 8 percent was also levied on assets.

    Who Pays the VAT

    • The VAT is only paid by European Union consumers. Non-EU citizens who spend more than 180 Euros in goods at one time will receive a reimbursement of the tax.

    Exemptions

    • Suppliers and distributors of goods may deduct the input VAT. Exported goods are also exempt from taxation.

    Refunds

    • Italy's VAT may subject to refund. VAT returns are submitted on a monthly basis, and at the end of the financial year March 15.

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References

  • Photo Credit made in italy 2 image by Alberto Cera from Fotolia.com

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