Italy Gazettes Legislative Decree Amending Tax Penalty System

The Italian Official Gazette June 28 published Legislative Decree No. 87, amending the tax penalty system. The decree includes measures: 1) imposing a penalty of 70 percent of the tax relating to the taxable amount incorrectly documented or registered during the financial year; 2) imposing a penalty of 5 percent of the undocumented or unregistered consideration on transferors or suppliers who violate documentation and registration obligations relating to non-taxable and exempt amounts, and other specified amounts; 3) imposing on taxpayers who carry out exports of goods outside the EU without charging tax, a penalty of 50 percent of the tax, ...