What's New
Microsoft Dynamics NAV provides many features and enhancements for Italy.
New and Changed Features in the Italian version of Microsoft Dynamics NAV
| New and changed features | Description | See |
|---|---|---|
Blacklist Transactions |
In Italy, organizations must report, by electronic means, all transactions that are carried out with persons or organizations having their residence or domicile in a blacklist country/region. The law requires that all Italian VAT-registered organizations periodically report transaction details to the Italian Revenue Service to help prevent VAT fraud. Transactions subject to blacklist reporting include the following:
On a monthly or quarterly basis, a blacklist communication report must be generated and sent to the Italian Revenue Service. |
|
VAT Communications |
In Italy, all tax paying organizations are required to submit a VAT tax report to the tax authority on an annual basis. An annual VAT communication report must be submitted no later than February 28 of each year by using the software provided on the tax authority website. |
|
VAT 2010 |
Since 2010, services must be included in the VAT statement. You can now print an annual VAT communication statement that includes total amounts for sales and purchases of capital goods and services. |
|
VAT Exemptions |
A VAT exemption is allowed when you sell a product to a company that is outside the European Union (EU). You can also use a VAT exemption when you sell to a company inside the EU if their export business is over 10 percent of their total revenue. VAT exemptions are issued for a specified period of time and have a unique registry number. |
|
VAT Transaction Report for the Tax Authorities |
Every year the Italian tax authorities require Italian companies to print fiscal reports listing all of the posted ledger entries. You can now group the VAT register reports by VAT identifier, posted base, and VAT amounts. Each printed page has its own progressive number and the reports show the printing date and the relevant company information. You can create a periodic report of VAT transactions over a specified threshold for trade with customers and vendors from a country/region that is outside the EU and is not black-listed. |
|
Export of Intrastat Data |
Italian tax authorities require that you export monthly or quarterly reports of sales and purchases of goods and services to other EU countries/regions. You can use the new Intrastat reports to export the data in a predefined format. |
|
Vendor Bill Withholding Tax |
Certain independent contractors or consultants are subject to social security withholding taxes. In Italy, you are required by law to withhold a predetermined percent of the social security taxes due and remit the amount to the Instituto Nazionale Previdenza Sociale (INPS). The vendor is responsible for paying the remaining social security tax liability. You can now modify the vendor bill withholding tax before the amounts are posted and paid by bank transfer. You can also modify withholding tax on advanced payments to a vendor, and then post the withholding tax amount when the payment is applied to the vendor bill. |
See Also
Other Resources
Getting Started
Working with Microsoft Dynamics NAV
Italy Local Functionality Tables, Reports, Batch Jobs, and Windows
What's New: Developer and IT Pro Changes
What's New: Application Changes