Accountancy in Italy

The  foreign investor setting up a company in Italy has to appoint a chartered accountant (in Italy) for the fulfillment of legal requirements and also of the company’s books in compliance with the Generally Accepted Accounting Principles GAAP in force in Italy.

 

As per applicable laws in Italy it is mandatory for companies and business owners to keep accounts (except for small business owners).

 

Anyway, all business owners, companies and individuals are required to record daily operations concerning to the business activity, in fact it is mandatory to keep and update any accounting books, such as:

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- daybook, in it must be reported all daily operations concerning to company transactions;

- book inventory which contains the evaluation of the company liabilities and assets, it must be drawn up at the beginning of the year and then each following year;

- optional correspondence file (includes invoices, letters and telegrams). 

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These mentioned accounting books can be held:

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- by the taxpayer at the premises where the work is performed or

- at the offices of an accountant. 

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There are also other mandatory documents which must be kept by the investor for compliance with VAT rules:

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- register of issued invoices;

- considerations register (for retailers);

- register of purchase invoices.

 

These registers must be numbered sequentially before being utilized.

 

Since 2012 the taxpayers (businesses, companies, sole proprietorship) which are classified in the simplified accounting system (excluded limited liability companies) can benefit of a facilitated accounting procedure, such as they are exempted to keep accounting records for IRAP (the Regional Tax on Productive Activities) and the register of depreciated assets.

 

About the keeping and storing of documents, the records of the journal and book inventory shall be held in compliance with the rules of accountancy, without entries in the margins and blanks.

 

The mandatory books and accounting records must be kept for at least ten years for accounting and tax purposes, until the relevant investigations have been performed.

 

The records and documents can be stored in traditional storage systems and optical discs.

 

Services

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• maintenance of inventory books;

• accountancy & managerial assistance at client's seat for start up;

• budget planning, reporting audit of managerial and accountancy procedures;

• bilingual accountancy systems;

• drafting shareholder decisions and other documents for completion of statutory accounts;

• monthly, quarterly and annual accounting services for foreign individuals and corporations investing in Italy;

• constant updating on Italian fiscal laws and Italian GAAP.

 

Other services

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• VAT compliance;

• drafting of balance sheet;

• drafting of consolidated balance sheet;

• financial planning;

• payroll service;

• payment of social contributions;

• profit & loss and cash flow.