VAT in the EU: Italy
Ah…. Italy….just the name conjures up thoughts of the world’s greatest works of art, architecture, fashion and gastronomy. Italy thrill and inspires like no other.
For business travelers, the country has a variety of conference venues, networking events, five-star hotels, and superlative restaurants across many landscapes. Events and venues can be found across the country including the Alps in the north, the beaches across the coastline, near volcanoes and If you have some time, don’t miss the famous attractions that include the Colosseum, the Pantheon, Trevi Fountain, Piazza Navona and the Spanish Steps in the capital Rome, the Vatican, the learning tower of Pisa, Pompeii, Venice, Lake Como, Lake Guarda and the Amalfi Coast.
Whilst the north of Italy has a faster pace and likes to get on with the business in hand, in the south a more leisurely approach is employed as they like to know the person they are doing business, so with small talk viewed as an essential element of doing business.
Italy ranks as the 12th largest overall inbound market to the United States and the 4th in Europe after the U.K., Germany and France. Business travel accounts for 19.4% of trips to the country.
Italy has one of the largest economies in Europe and is a founding member of the EU, OECD, G7, G20, NATO and the World Trade Organization (WTO).
Italy’s currency is the Euro, and VAT rates are as follows:
Standard Rate of 22%
Reduced rates of 10%, 5%, 4% and 0%
In Italy it’s important that the invoice indicates the full details of the company, including full name and address. Modification to an invoice will likely not be possible.
Here are some handy phrases to remember whenever making a business related purchase. When in doubt, ask:
Please give me:
- An original VAT invoice
- With my company name and address
- VAT rate and value shown
per favore dammi un:·
- Una fattura con IVA originale
- Con il nome e l’indirizzo della mia azienda
- Tasso di IVA e valore mostrato
For the complete story on recovering VAT in Italy and other EU countries, download our eBook.