VAT balance 2023: deadlines (today) and payment methods


Emma Potter

Today 18 March 2024 is a crucial date for Italian taxpayers: it is the deadline for payment of VAT 2023. This year, thanks to new payment options and simplified obligations introduced by the Fulfillments decree, managing this tax obligation could be less difficult.

From the single solution to installment payments, let's explore together the deadlines and strategies to best deal with this tax appointment, avoiding penalties and optimizing payments.

Amount and declaration details: navigate between deadlines

Determining the amount to be paid is a fundamental step in managing VAT. Once the minimum threshold of 10.33 euros has been exceeded, the annual declaration becomes the compass for taxpayers.

Through the “2024 VAT Declaration” model, in particular the VL framework, the essential operations are defined: from the payment of the annual tax to the management of credits and debts. This document, divided into three detailed sections, is used not only to calculate the tax due but also to settle previous credits and request any refunds.

With the filing deadline of April 30, 2024, taxpayers have time to better organize their finances, meeting their tax obligations with maximum precision.

Payment options: single payment or installments

For taxpayers who wish to maximize flexibility in managing VAT payment, there are two main routes: payment into only solution by March 18, 2024 or the tax installments. Those who opt for installment payments can take advantage of the recent extension which moves the last payment to December 16th, distributing the tax burden in a more manageable way over the course of the year.

The VAT balance can also be paid in deferred mode, taking advantage of the deadline of 1 July 2024. This option provides for an increase of 0.40% as interest for the months following the ordinary deadline of 18 March.

In the case of installment payments, the first payment must be made by March 18th, with subsequent installments set no later than the 16th of each month, applying an interest of 0.33% per month. This approach allows for more balanced cash flow management, adapting to taxpayers' liquidity needs.

The Fulfillments decree: simplifications and new opportunities

The introduction of the Adempimenti decree (Legislative Decree no. 1/2024) has brought significant changes to the tax landscape, offering taxpayers further tools for more agile management of VAT. One of the most relevant changes concerns the possibility of pay the tax in installments due without the need for a prior option in the declaration, making this method more accessible to a greater number of taxpayers.

Furthermore, starting from periodic VAT payments of 2024, the decree provides for theraising the minimum limit to 100 euros for the payment of the tax, compared to the previous 25.82 euros. This means that for amounts less than 100 euros, the VAT payment can be postponed and merged with that of the following period, facilitating the management of smaller payments and reducing bureaucratic tasks for small businesses and professionals.

Finally, the installment of the tax due now amounts to a maximum of ten installments, with the last deadline set for 16 December, thus offering greater flexibility in the repayment plan.

These changes, together with other simplifications provided for by the decree, aim to make the tax system more suitable to the needs of taxpayers, lightening the administrative burden and promoting compliance.