Law Decree no. 50/2017 has introduced changes concerning the extension of the kinds of operations to which the so-called split payment system must be applied: in fact, the application of the split payment has been extended to operations with all Public Administration entities and state-owned companies. Split payment will also be applied to supplies of goods and services to companies owned by central and local public entities and their subsidiaries, as well as to companies listed on FTSE MIB index of the Italian stock exchange.
Lastly, the split payment system has been also extended to invoices issued by professionals. In order to concretely apply the changes introduced by the decree under examination, it must be considered that the new EU Council implementing decision no. 2017/784, which approved the Italian request on the matter, does not differ substantially from previous EU Council decision no. 2015/1401, except for the subjects concerned. The new scope and the new compliance terms require operators to pay particular attention and Tax Authorities to provide suitable instructions timely.
For further information, please contact Mario Spera.