Growth Decree: VAT trimestral credits’ credibility
Article 12-sexies of DL 30/04/2019 n. 34, modified article 5, subparagraph 4-ter of the DL 70/88, introducing the possibility for taxable persons to transfer/sell their VAT credits accrued in a single quarter. The previous version of the VAT law allowed exclusively transferability to VAT credit accrued at the end of a calendar year.
The discrimination between the two types of VAT credits, based on a more formalistic approach to the norm rather than actual substance, it is therefore outdated.
The new provision will be implemented to those credits for which the reimbursement is required starting from January 1, 2020 (and therefore, from the credits displayed on the TR model which shall be presented within April 30, 2020).
The changes brought to the Growth Decree originates from several associations comments which extensively requested the intervention of the legislator in order to change the existing (and devoid of valid reasons) discrimination between the possibility to transfer an annual credit instead of a quarterly one.