Rome

VAT refunds for businesses in 2013 equal 11 billion euros

Italy's tax chief tells revenue service to speed up payments

VAT refunds for businesses in 2013 equal 11 billion euros

Rome, March 29 - Italy's tax service said Friday it would be paying out 11 billion euros to businesses in VAT refunds in 2013 and instructed regional tax offices to speed up settlements. In a letter, inland revenue chief Attilio Befera invited regional directors to "employ all available resources in the payment of refunds over the next four months" in line with government directives to accelerate rebates in order to "provide tangible support to companies in overcoming the difficult moment". In particular the idea is to relieve the burden on businesses having to make advance tax payments, Befera said.

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