Accounting Books and Tax Obligations
We manage and maintain the mandatory accounting and tax books, keeping them constantly updated and ready for any audits by the Italian Revenue Agency.
Service details
Proper maintenance of accounting books is a legal obligation for all businesses and has both civil and tax implications. Studio CITI snc manages this obligation with the utmost care, ensuring that books are always up to date, stored appropriately and available in the event of an audit.
The main mandatory books vary according to the legal structure and accounting regime. For companies using standard bookkeeping, the following are required: a journal (recording all economic transactions in chronological order), an inventory book (with a financial position updated at least annually), VAT registers for sales and purchases, and a fixed assets register. Corporations must also maintain a shareholders' register, a board of directors' minutes book, and a shareholders' meeting minutes book.
Since 2020, the advance stamping and endorsement of books is no longer mandatory for most accounting books (with the exception of the shareholders' register for Srl companies). However, failure to update accounting books or keeping them irregularly exposes the business to administrative penalties and may be an unfavourable factor in the event of a tax audit.
The firm ensures the timely maintenance of all registers, in both digital and paper format according to the client's preferences, and guarantees their retention for the legally required periods (ten years for documents relevant to income taxes, five years for VAT documents).
Frequently asked questions
Do accounting books still need to be endorsed by a notary or the Chamber of Commerce? +
No. Since 2020, advance endorsement is no longer mandatory for most accounting books. The shareholders' register of Srl companies is an exception and must be endorsed at the Chamber of Commerce. For other books, sequential page numbering and indication of the company name are sufficient. The firm handles these formalities correctly.
How long must I keep accounting books? +
Italian law requires accounting books and tax documents to be retained for at least ten years from the date of recording (Article 2220 of the Civil Code). For tax purposes, the Revenue Agency can audit tax periods within five years of the missed filing deadline or the last applicable deadline. The firm ensures correct retention and notifies you when it is safe to dispose of obsolete documentation.
What are the risks if accounting books are not kept up to date? +
Improper maintenance of accounting books incurs administrative penalties ranging from 1,000 to 8,000 euros for each book not correctly maintained. In the event of a tax audit, missing or irregular books may lead the Revenue Agency to carry out an inductive assessment, reconstructing income based on presumptive data, often with unfavourable results for the taxpayer.
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