Italy reduces Blacklist countries
Any Italian VAT registered business, resident and non-resident, must produce a regular report on transactions undertaken with a business resident in a Blacklist country, with increased restrictions on the deductibility of costs incurred from the countries. Italy have now removed several countries from its ‘Black list’ of countries that require this additional reporting.
Malaysia, Singapore and the Philippines have now been removed from this ‘Black list’ or ‘Modello Polivalente’, still leaving over 40 countries on it.
For a full list of countries see the earlier eBiz Answers post: Italian Tax Black List