Under Article 13 paragraph 1 letter c) of Legislative Decree 472/97, the late tax return declaration can be revised only within 90 days of the deadline for its submission, with a reduction of 1/10 of the minimum fixed penalty for failure to tax declaration submission. According to the Italian Revenue Agency with the Circolare n. 42 published on 12.10.2016, in the event of a late tax return submission made within 90 days and where there is no tax to be paid, the applicable penalty will be the fixed one which can be from EUR 250 to EUR 1.000.
Hence, by 10 March 2021 taxpayers will need to:
· Submit the late tax declaration;
· Pay EUR 25 for late payment (F24 Tax Code: 8911);
· To compensate for late tax payment, if they have not already been paid. The percentages applied to penalties for late payment range from 15% to 30%, while the legal interest rate calculated pro rata temporis amounts to 0,05% up to 31.12.2020 and 0,01% from 01.01.2021 (F24 Tax Code: 1989).