End of year tax deadlines

November is declared to be the busiest month of the year from a fiscal point of view. In fact, from the deadlines of 16 and 30 November, the tax authorities will collect as much as 69 billion euros. Not to mention the further demands on the tax front that will weigh on entrepreneurs during the month of December.
Given the size of the revenue, many companies will have many problems getting through this flurry of tax deadlines unscathed. This last period of the year, in fact, constitutes a real stress test that will allow entrepreneurs to measure the financial stability of their businesses.

In addition to having one of the highest tax burdens in Europe, Italy, together with Portugal, is the country where paying taxes is most difficult, especially for companies.
According to the latest available statistics, processed by the World Bank, Italian entrepreneurs «waste» 30 days a year (equal to 238 hours) to collect all the information necessary to calculate the taxes due; to complete all tax returns and submit them to the Financial Administration; and to make the payment online or at the relevant authorities.

The last November deadlines

• November 25th: For intra-community operators, monthly obligation to submit summary lists (INTRASTAT) of the sales of goods and services rendered in the previous month to EU entities.
• November 30th:
  • Deadline for submitting PF Income Model.
  • Payment of installments due in 2022 Scrapping ter. There is a classic 5 day grace period, so payment will be considered timely even if it occurs by 5 December 2022.
  • Second or single payment Irpef advance on your 2022 tax return.
  • Also expiring LIME (periodic VAT payments) relating to the 3rd quarter of 2022 and the Self-declaration for State aid.

Tax commitments also in December
The month of December will also be particularly challenging on the fiscal front.

• December 16th:
  • Clearance and payment VAT month of November, provided they are monthly taxpayers;
  • Payment by companies of withholdings of the month of November: social security and welfare contributions and Irpef withholdings of its employees and collaborators;
  • Deposit payment of the substitute income tax from revaluation of TFR,
  • IMU balance on warehouses, offices and shops;
• By Christmas: Companies will also have to liquidate thirteenth to its employees.
• December 27th:
  • Presentation INTRASTAT lists month of November;
  • Payment VAT down payment month of December and 4th quarter 2022.

Undoubtedly, it cannot be ruled out that many small entrepreneurs will find themselves in serious difficulty in meeting all these tight deadlines.

But if someone does not meet tax deadlines expected in the next few weeks, what are you facing? The tax law imposes on the taxpayer a penalty of 1% of the amount to be paid to the tax authorities for each day of delay within the 15th day of the deadline. The percentage rises to 15% if the payment is made within the ninetieth day of the deadline. For failure to pay or for payment made after 90 days from the deadline established by law, the sanction rises to 30% of the amount to be paid to the treasury.

Regardless of the delay, interest equal to 4% (annual) of the amount to be paid is also due. Finally, it should be remembered that the penalties can be significantly reduced by taking advantage of the «industrious repentance» system, provided that both the omitted amount and the sanction (appropriately reduced) and interest are paid. Reductions decrease as payment time passes.