Fiscal Rapresentation
VAT and Fiscal Representation
Each product or service rendered in Italy (and in any of the EU countries) is subject to government tax VAT which in Italy, on the greatest portion of products and services, it is charged at 21% . It is actually a cost only for the end user therefore each company doing business under their assigned VAT registration nbr is entitled to cash the VAT charged on his sales on behalf of the government and forwarding such amounts to the authority, deducting the VAT the company is called to pay out (for example on any type of services). Only companies doing business under a VAT registration number are entitled to handle VAT as explained above. The fiscal rapresentation system allows a foreign company or a company risiding in any of the EU countries without a stable organization in our country, to become VAT registrant thus allowing the handling of VAT payments to the government. Trans World Shipping is already acting as fiscal representative for several NON EU companies since years and has all the necessary knowledge, expertise and resources. Some advantages of becoming fiscally represented in our country are: - Ensuring the tax legislation is observed and allowing to answer the obligations as regards to local VAT - Dealing with VAT declarations including requests for eventual VAT refunds and Intrastat declarations for trade in goods between EU countries- Just one clearance will be necessary even in presence of shipments with multiple final consignees - After clearance has taken place, direct deliveries to the consignees located in Italy or in the EU countries are allowed - No more need for the consignee to deal with customs brokers, freight forwarders, shipping lines and so on without any other task other then paying for the goods - Possible VAT payment deferment for VAT to be paid on imported goods
