Taxes, compensations F24 2020: the news in 5 points

The rules change to offset tax credits exceeding 5 euros accrued on substitute taxes, income taxes, surtaxes, IRAP and VAT

From 2020 the rules for the compensation of tax credits change. With the aim of countering the phenomenon of undue compensation, in fact, the tax decree connected to maneuver introduced a number of obligations.

1) THE CREDITS CONCERNED

The changes concern tax credits exceeding 5 thousand euros accrued in 2019 on substitute taxes, income taxes, surtaxes, Irap and VAT.

2) THE NEW PROCEDURE

From January, to use these credits as compensation for the payment of other debts with the F24 model, the following procedure must be followed:

Submit the tax declaration from which the credit emerges to the Revenue Agency (VAT declaration, income form, model 770, model 730 or other); in 2020 the first deadline is January 16, the last day for VAT and withholding taxes paid by withholding agents.
Wait 10 days from the date of sending the declaration.
Submit the F24 form with compensation exclusively through the telematic services made available by the Revenue Agency (F24 web o F24 online). This requirement, so far limited to VAT holders, is extended to all taxpayers. In other words: it is no longer allowed to use home banking. However, the possibility remains of delegating the transmission of the F24 to an intermediary (Caf, accountant or labor consultant).

Attention: the threshold of 5 thousand euros does not refer to the tax credit itself, but to the amount brought in as compensation to pay other taxes with the F24 form.

Furthermore, horizontal compensations are excluded from the calculation of the 5 thousand euros, i.e. those of credits used to pay debts of the same tax (naturally, the credit must have been accrued in a tax period prior to that in which the debt arose).

3) CREDITS EXCLUDED FROM THE NEW RULES

On the contrary, for compensations of less than 5 thousand euros and for tax credits deriving from concessions (RU part of the tax return) the new rule does not apply.

But it's not over. We also need to keep an eye on the dates, because the change does not apply to credits accrued in the 2018 tax period in relation to income taxes, surtaxes, substitute taxes and Irap. Consequently, in these cases, the 2018 credits can be offset without a prior declaration until the deadline for submitting the 2020 tax return (relating to the 2019 tax period).

The case of tax credits accrued on VAT is different, for which the obligation of prior declaration was introduced in 2009 and therefore, obviously, also applies to the 2018 tax period.

4) THE PROBLEM OF TIMES

Now, if we talk about VAT, credits can be offset easily, because the returns are quarterly or monthly. But the deadline for submitting the income tax form and the IRAP declaration, for example, is 30 November, therefore – considering the 10 days of obligatory waiting – those who will reduce to the last minute will be able to compensate only beyond the first ten days of December.