Mandatory Accounting Records
Latest update: 12/12/2020
For Ires taxpayers the mandatory accounting records to be kept for tax purposes are:
- Book for the daily accounting entries
- Book of the Inventories
- Auxiliary Records (master accounts and inventory entries)
- Register of Depreciable and Amortisable Assets
- Registers required by the VAT law
- Corporate Books required for statutory purposes.
Preservation of Accounting Records
Accounting records must be kept for 5 (five) years following the year of filing the return of income yearly, which become 7 (seven) if the relevant tax declaration has not been lodged. From a civil law point of view, the accounting records must be kept for 10 (ten) years.
Annual Tax on Ledgers and Accounting Record
By March 16th of each year, joint-stock companies (Spa - società per azioni, Srl - società a responsabilità limitata, Sapa - società in accomandita per azioni), including consortium companies, must pay an annual tax of € 309, 87 (three hundred nine/87 euros) on government concessions for the numbering and marking of their books and accounting records; such an amount is increased to € 516.46 (five hundred sixteen/46 euros) for companies with a share capital higher than € 516.456,90. The relevant amount of the share capital is that existing as at the 1st of January of the relevant calendar year.