The Italian minister of Economic Affairs Pier Carlo Padaon convened Italy’s top tax collection officials to place new measures to recover a staggering EUR 6 billion in revenue and hoping to close a VAT gap.
The plan behind e-invoicing transactions in the private sector is to fight all types of VAT fraud and also by broadening the range of actions to combat VAT fraud. The reduction of the VAT gap is the difference between the taxes that were actually paid and the taxes that should be paid if the tax law was strictly adhered to and was the main incentive to propose the new features.
The Italian minister of economic affairs Pier Carlo Padoan believes that VAT fraud, TAX evasion and missed payments can be combated by a better use of information technology.
Therefore, Italy is compromising with Brussels to allow Italy to lift the EU ban on making electronic invoicing mandatory in the business to business segment.
The Italian ministry of Economic Affairs proposed features which includes:
- -Italy aims to strengthen the rewarding mechanisms for taxpayers that work hand in hand with authorities, with fewer audits for those companies in return
- -Intensified risk analysis regarding real estate sales and the motor trade
- -Reduction of the phenomena of so called “carousel fraud” cooperation that strengthens with other international tax authorities
- -Use of sharing databases, profit sharing principles that sets out by OECD
Improve cash flow and increase efficiency using e-invoicing solutions. Learn more about current updates on e-Invoicing in Italy HERE.
e-Invoicing has huge cost advantages for any business. As a business opting for e-Invoicing solution like Invoicera includes interesting features:
- – Integration with legacy systems (ERP and CRM solutions)
- – Multicurrency and Multilingual support
- – Account receivable and account payable management
- – Custom workflow management
- – Manage subscriptions
- – Client/vendor Panels
- – Online payments through 25+ payment gateways
- – Financial reporting and analysis
- – Complete project and task management
Rolling out global e-invoicing platform is not a simple decision, examine the particular features of e-invoicing and then pick up the global approach.