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This article applies to:

  • Product: ONESOURCE Indirect Tax Compliance

Italy

The
Main Return
 schedule on the Italian VAT return consists of the following sheets:
  • Quarterly return
  • Monthly return
  • Payments return
  • PDF forms

Quarterly return

  • Create the quarterly return filing dataset with quarterly periodicity, covering the entire quarter.
  • The Quarterly Return Summary (sheet A9) includes return fields from the VP part of the form. It also consolidates the entire quarter's values.
  • The Quarterly Return Summary Analysis (sheet A10) provides a tax code breakdown for each return field.
  • For e-filing, this return version is for taxpayers who perform quarterly settlements and complete 1 VP module per quarter.
  • Use the quarterly sheets in monthly datasets that feed into the Monthly Return Summary.
Data flow process
  1. Import data for the entire quarter.
  2. Review data in the Quarterly Return Summary.
  3. Make manual adjustments to the quarterly dataset if needed.
  4. The data for e-file is filed from the Quarterly Return Summary.

Monthly return

  • The Monthly Return Summary (sheet RG) supports quarterly reporting within a single return by splitting monthly data into 3 columns within a dataset for a quarter.
  • This return version is for taxpayers who perform monthly settlements and complete the VP module each month of the quarter.
  • To prepare the monthly return, create monthly datasets and a quarterly dataset for the same period under the reporting entity.
  • Include the Monthly Return Summary (sheet RG) only in the quarterly dataset.
  • After adding the sheet and saving the return, refresh the return to update data from the monthly datasets. Make adjustments only in monthly datasets to ensure accurate monthly data in the consolidated sheet. Consolidation occurs within the same template type:
    • For a single entity without group structure, data transfers from sheet A (Quarterly Return Summary) to sheet RG in the quarterly return using single templates.
    • For a group structure, data transfers from sheet RF (Group Quarterly Summary) to sheet RG in the quarterly return using group templates.
Data flow process
  • Monthly return filing dataset:
    • Create 3 monthly datasets, one for each month in the quarter.
    • Create a dataset with quarterly periodicity covering the entire quarter, including the RG sheet – Monthly Return Summary.
  • 3 monthly datasets:
    • Import data for the entire quarter.
    • Review data in the Quarterly Return Summary sheet in each monthly dataset.
    • Make manual adjustments if needed in each monthly dataset.
    • There's no filing from monthly datasets.
  • Quarterly dataset:
    • Refresh the dataset with quarterly periodicity after completing work in the monthly datasets.
    • Review the data in the Monthly Return Summary, which consolidates monthly data in a single sheet.
    • If no adjustments are needed, save changes in the Monthly datasets and refresh the Quarterly dataset.
    • The data for e-file is filed from the Monthly Return Summary.

PDF forms

Periodic VAT Settlement Communications sheets
  • Periodic VAT Settlement Communications (sheets V-V5) are copies of the PDF form (VP modules). They are filled with information from the Company sheet and the corresponding Quarterly or Monthly Return Summary sheets.
  • The Quarterly VP module is included in the return by default and is covered under sheets V and V1. It consolidates values for the entire quarter on a single page.
  • Users insert the Monthly Return Summary sheet, then the system adds the Monthly VP modules. These are covered under sheets V2, V3, V4, and V5. They provide a monthly breakdown of data for the entire quarter.

VAT return E-filing

  • Perform VAT return e-filing only from datasets with quarterly periodicity.
    • For quarterly e-filing, use the total quarterly values from the Quarterly Return Summary.
    • For monthly e-filing, use the monthly values from the Monthly Return Summary (sheet RG). This option is available only when the Monthly Return Summary sheet is inserted in the return.
Dataset with quarterly periodicity
  • Monthly Return Summary (sheet RG) is included.
  • No manual adjustments.
  • You can e-file.
Dataset with monthly periodicity
  • Contains the Quarterly Return Summary (sheets A9 & A10).
  • Lets you perform manual adjustments.
  • No e-filing action.

Payment return summary

The Payment Return Summary and Payment Return Summary Analysis (Sheets A and A1) are support sheets that help facilitate VAT payments. You can also track this data using the
Returns Data - Payment Return Summary Analysis
 report across different reporting periods.
This return summary provides:
  • A breakdown of sales and purchases.
  • Calculation of total Payable VAT, including VAT deferred.
  • Calculation of total current period credit, which includes VAT deferred, last period credit, and payments made.
  • Calculation of credit to be carried forward to the next period.