2023: What’s new for Regime Forfettario?
The year 2023 brings important changes for Partita IVAs (VAT numbers) under Regime Forfettario (the flat-rate scheme). The main ones concern topics such as income limit increase, electronic invoicing and bollo (stamp duty).
1. Income threshold
The first change concerns the earnings threshold to fall under the tax regime, which has been increased from 65k to 85k.
This means that professionals that do not exceed 85k will be able to continue to benefit from Regime Forfettario and its advantages, such as reduced taxation and simplified accounting procedures.
Those who exceed 85k but remain below 100k, will have to change regime as of the first day of the following tax year (2024). In practice, if you exceed the 85k threshold during the current year, you can still benefit from Regime Forfettario for the entire year. However, starting from the 1st of January of the following year, you will have to switch to Regime Semplificato.
On the other hand, if you exceed 100k , the regime change will be immediate, adding the complications that a switch during the year envisions. If you expect to exceed 100k, it is important to start the year directly with Regime Semplificato to avoid penalties and tax problems.
2. Bollo (stamp duty)
The second novelty concerns Bollo (stamp duty). If this is charged on the client’s invoice, it is to be considered income and could cause the threshold for Regime Forfettario to be exceeded. In other words, if you were careful to stay underneath the threshold line and earned €84,5k but charged 1k of stamp duty, you will have surpassed the line to remain under Regime Forfettario (84,5k + 1k =85,5k). It is therefore important to keep Bollo in mind for the calculations.
3. Electronic invoicing
Finally, as of 1 January 2024, everyone will be required to issue electronic invoices regardless of income. This means that it will be necessary to have special software for invoicing purposes. There is free or paid software with more or less intuitive interfaces. The old paper or Word/PDF invoices will no longer be compliant. This is a change that requires an adjustment of procedures and tax documents but it is nothing to worry about. We will support our clients throughout the switch.
In conclusion, the year 2023 brings important changes for Partita IVAs under Regime Forfettario. It is crucial to be informed about these changes and to adopt the right strategies to stay compliant with tax laws and benefit from the advantages of the tax regime best suited to your business.