The Italian Supreme Court, with the Ordinance no. 8120 of 23 March 2021, clarified that tax credits (for example personal income tax, VAT, irap, corporate income tax) are prescribed in 10 years pursuant to Article 2946 of the Italian Civil Code, unless the law provides otherwise (such as for social security credits pursuant to Article 3, paragraph 9 of Law 335/1995), there being no reduction in the ordinary limitation period for registration of the debts and issuance of the payment note.
The penalties pursuant to Article 20 of Legislative Decree 472/1997 and interests instead expire in 5 years from the moment in which the credit becomes due.
To read the Ordinance no. 8120 of 23 March 2021 click here
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