Italy Amending Certain VAT Regulations

Italy is making several amendments to its value-added tax regulations, including a “mandatory check” on the customer’s VAT identification number, KPMG said in an Oct. 4 post. The changes also include “increased legal certainty and harmonized application of VAT rules” for VAT treatment of “chain transactions” and modified VAT rules for “call-off stock arrangements” between VAT-registered businesses in European Union member states, the post said. Before the regulations take effect Jan. 1, 2020, companies should verify that their customers have valid VAT identification numbers and validate “current procedures for collecting and retaining documentary evidence of intra-EU transports of goods,” KPMG said.