Italy Tax Codes
Tax codes determine how much tax is paid on each transaction line item. For NetSuite to calculate correct values on transaction records and tax reports, make sure that the tax codes for Italy are set up correctly.
For more information on tax codes, see Tax Code Properties and Creating Tax Codes.
Tax Code Table for Italy
The following table shows the tax properties required to correctly generate the Italy tax reports provided by the International Tax Reports SuiteApp. The tax code names or letters used in the following table are suggested names or default system preferences. You can rename the tax codes. Tax reports identify transactions by looking at the tax code properties, not the tax code names.
On the New Tax Code or Edit Tax Code page, check the boxes of the properties that apply to the tax code. For more information about tax code properties, see Tax Code Properties.
For information about notional rates in EU B2B transactions and VAT reports, see EU Notional VAT.
Please consult your tax agency for the correct tax rates. The standard VAT rate was increased to 22%, effective from October 1, 2013.
|
Tax Code |
Description |
Property |
Rate |
Notional Rate |
Available On |
|---|---|---|---|---|---|
|
E-IT |
Exempt |
Exempt |
0% |
— |
Both (Sales and Purchases) |
|
ER-IT |
EU sales/purchases (goods) – reduced rate |
EC Code Reduced Rate |
0% |
R1-IT |
Both (Sales and Purchases) |
|
ES-IT |
EU sales/purchases (goods) |
EC Code |
0% |
S-IT |
Both (Sales and Purchases) |
|
ESSP-IT |
EU purchases (services) |
EC Code Applies to Service Items Reverse Charge Code |
0% |
S-IT |
Purchases |
|
ESSS-IT |
EU sales (services) |
EC Code Applies to Service Items |
0% |
S-IT |
Sales |
|
EZ-IT |
EU sales/purchases (goods) - zero rate |
EC Code |
0% |
Z-IT |
Both (Sales and Purchases) |
|
I-IT |
Purchase of goods from outside of EU |
Import |
0% |
— |
Purchases |
|
IS-IT |
Purchase of services from outside of EU |
Import Applies to Service Items Reverse Charge Code |
0% |
S-IT |
Purchases |
|
O-IT |
Sale of goods outside of EU |
Export |
0% |
— |
Sales |
|
OS-IT |
Supply of services outside of EU |
Export Applies to Service Items |
0% |
— |
Sales |
|
R1-IT |
Reduced rate |
Reduced Rate |
10% |
— |
Both (Sales and Purchases) |
|
R2-IT |
Special reduced rate |
Special Reduced Rate |
4% |
— |
Both (Sales and Purchases) |
|
RC-IT |
Reverse charge sales in country |
Reverse Charge Code |
0% |
S-IT |
Both (Sales and Purchases) |
|
S-IT |
Standard rate |
— |
22% |
— |
Both (Sales and Purchases) |
|
U-IT |
Non taxable |
Non-Taxable |
0% |
— |
Both (Sales and Purchases) |
|
Z-IT |
Zero rated sales |
— |
0% |
— |
Both (Sales and Purchases) |