Italy (IT)

Jurisdiction Overview

272 *Is there an obligation to keep accounting data? Yes
 Data Date: 2017


The Global Forum reported that in Italy, all relevant entities and arrangements must keep reliable accounting records including underlying documentation (GF 2013: 44). In 2017 the Global Forum added that: "Practical availability of underlying documentation is supervised by the tax administration through tax audits together with availability of other accounting records. The same supervisory and enforcement measures apply as outlined above. Based on the tax audit findings the compliance level with the underlying documentation requirements is satisfactory [...]" (GF 2017: 57). Small partnerships can keep records in a simplified form: "Pursuant to s.18 of DPR 600/1973, small businesses whose annual turnover is less than EUR 516,456.90 (when they sell goods) or EUR 309,874.14 (when they furnish services) can keep records in a simplified format." (GF 2013: 46).


GF 2011: 43-46, GF 2013: 46
GF 2017: 57