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OBBLIGAZIONE FISCALE (TAX OBLIGATION): an obligation on the part of the taxpayer to pay a levy. It exists when the condition laid down by the law is met, including an income, also imputed, the possession of an asset or any other fact relevant for fiscal purposes.

OMESSO VERSAMENTO (OMITTED PAYMENT): when a taxis not paid, in whole or partially, by the established deadline.

OMOCODIA (HOMOCODE): anomaly which occurs when two people, born on the same date and in the same municipality and with similar personal data, would receive the same tax code. Information System, the tax-records office, automatically eliminates the homocode and gives a new code to both taxpayers.

ONERI ACCESSORI (ADDITIONAL EXPENSES): expenses that are added on to a main expense. For example, when signing a mortgage, the expenses of bank charges.

ONERI DETRAIBILI (DETRACTABLE EXPENSES): expenses that by law can be detracted, as a percentage, from the gross tax (see also Detractions). The main ones are: medical expenses, interests paid on mortgages on the main residence, insurance premiums, funeral costs, education costs and certain cash donations.

ONEROSO (ONEROUS): something that implies an expense (see also: Against payment).

ONLUS (NON-PROFIT ORGANISATIONS OF SOCIAL UTILITY): associations, committees, foundations, cooperative societies and other entities that operate in certain fields of “social utility” (for example, social and health assistance, charities, education, training, etc) in favour of people in need. The ‘ONLUS’ organisations benefit from a simplified tax regime.

OPERAZIONI ESCLUSE (EXCLUDED TRANSACTIONS): transfers of assets and provisions of services that are not considered for the purposes of VAT. As they are irrelevant for tax purposes they are not a part of the subject’s volume of business, they are not subject to invoicing, registration and payment, and are not to be included in the tax return.

OPERAZIONI ESENTI (EXEMPT TRANSACTIONS): transactions which by law are not subject to VAT, for reasons of fiscal policy. As well as concurring in the determination of the volume of business, these transactions are still subject to invoicing, registration and must be included in the tax return. As opposed to non-taxable transactions, they do not allow (except for particular cases) the subject to recover taxes paid on purchases and imports.

OPERAZIONI IMPONIBILI (TAXABLE TRANSACTIONS): generally, transactions that are subject to a particular tax. In particular, taxable transactions are subject to the regulations concerning VAT.

OPERAZIONI INESISTENTI (NON-EXISTENT TRANSACTIONS): cases when an invoice(or other similar document) is issued following transactions that have not actually been made, or transactions between subjects other than the real ones. When an invoice is issued for non-existent transactions, VAT is still owed for the amount shown therein. In case of specific fraud (the intent to evade or to help others evade), issuing an invoice for non-existent transactions constitutes a tax offence.

OPERAZIONI INTRACOMUNITARIE (TRANSACTIONS WITHIN THE EU): transfers and purchases of goods between two VAT subjects operating in countries of the European Union, with a physical movement of goods between EU countries. Such transactions are subject to a particular tax regime, which is to remain in place until a definitive system for international trade within EU is defined.

OPERAZIONI NON IMPONIBILI (NON-TAXABLE TRANSACTIONS): transfers and purchases that are not subject to VAT but that form part of the volume of business and require that the formal obligations concerning invoicing, registration and tax return are met. These transactions still allow the detraction of the VAT paid on purchases and imports of goods and services.

OPZIONE (OPTION): possibility given to taxpayers who fulfil the conditions envisaged (for example, concerning their aggregate income or remuneration) to make certain choices, for example, to adopt a more favourable system for establishing their income, or an easier accounting system than the one ordinarily provided. As regards VAT, the option is exerted in the annual tax return or, for new businesses, in the declaration of setting up of a business. Lacking an explicit choice, this may be also deduced from the taxpayer’s de facto behaviour (the so-called “conclusive” behaviour).