The Bank of Italy issued a Regulation requiring certain payment service providers to report specific information to merchants so they can obtain tax credits of 30% of the fees charged for the acceptance of card payments or payments made with other traceable electronic payment instruments.
Pursuant to Article 22 of Law Decree No. 124/2019 ("Tax Decree"), as converted into law by Law No. 157/2019, merchants may obtain tax credits of 30% of the fees charged for the acceptance of card payments or payments made with other traceable electronic payment instruments in the context of the supply of goods and services to consumers from 1 July 2020 and provided that the merchant revenues of the previous tax year do not exceed EUR 400,000.
This provision was implemented under the (i) Bank of Italy Regulation of 21 April 2020 (the "BoI Regulation") (available here in Italian only) and (ii) Italian Revenue Agency Regulation of 29 April 2020 ("Agency Regulation") (available here in Italian only).
The first period of reference shall run from 1 July 2020.
Authored by Fulvia Astolfi, Jeffrey Greenbaum, Serena Pietrosanti, Claudia Colomba, Maria Cristina Conte, Elisabetta Zeppieri
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