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VALORE DEI FABBRICATI (VALUE OF REAL ESTATE): taxable base for the application of taxes. For the purposes of Irpef, the taxable base is the value of the recalculated cadastral revenue. In order to determine the V. of real estate not registered in the land register or that has undergone permanent variations, the taxpayer must refer to the type and to the revenue attributed to similar buildings.

VALORE NORMALE (NORMAL VALUE): the price of a product or of a service usually determined on the market by economic forces, in free market conditions.

VARIAZIONI E VOLTURE CATASTALI (VARIATIONS AND CADASTRAL TRANSFERS): registration in the cadastral deeds of the transfer of property or of the property right, performed by the offices of the area upon request by the subject under obligation. In case of objective variations, which have permanently involved the type, the extent or the destined use of the real estate, interested parties must submit a specific request to the provincial office of the area by 31st January of the year following the year when the works were completed.

VARIAZIONI IVA (VAT VARIATIONS): change in one of the data shown in the declaration of setting up of a business, which must be communicated within 30 days, also via the Internet, to the relevant office.

VENDITA FORZATA (FORCED SALE): action of the forced execution the official payment officer can take in order to recover unpaid taxes. It is regulated, as well as by the specific tax norms, by the provisions set forth in the Italian Civil Code and in the Italian Code of Civil Procedure.

VERIFICA (VERIFICATION): activity performed by the Revenue Agency or by the Finance Police to check that tax obligations are duly respected, with a final report indicating possible violations detected and the relative due payments. It is performed through direct access at the taxpayer’s office following particular methods and, as a norm, it refers to the general tax situation of the taxpayer. The V. is a broader activity of the documentary inspection as, on the one hand, it checks and verifies how complete, exact and true the compulsory entries, the company’s books and the documents (fiscal and others) relating to the activities of the taxpayer are, and on the other hand it checks and verifies the information gathered by the Revenue Agency regarding the facts that were, or should have been, taken into account in the annual tax return. At international level, fiscal bodies of different States are allowed to perform simultaneous verifications of taxpayers belonging to the same group and located in different countries.

VERSAMENTO (PAYMENT): the payment of due taxes by means of Forms F24 and F23. The amounts of the taxes deriving from the tax return must be rounded off to the unit of euro, as determined in the Forms. Amounts must always be written with their first two decimal numbers, even when these are equal to zero. In case of more than two decimal numbers, the second decimal number must be rounded off according to the following criteria: if the third decimal number is equal to or higher than 5, the figure is rounded up; if the third number is lower than 5, the figure is rounded down (e.g. euro 52.752 is rounded down to 52.75; 52.755 is rounded up to 52.76; 52.758 is rounded up to 52.76). It is important to stress that the first two decimal numbers must be written even if equal to zero, for example when the amount is expressed in units of euro (e.g. amount due equal to 52 euro, it must be written 52.00).

VIOLAZIONI FORMALI (FORMAL VIOLATIONS): omissions or errors that do not hinder the verifications and do not compromise the determination of the tax or its payment. The Taxpayers’ Statute has established that F. V. are not punishable. Taxpayers who realize they made formal errors or omissions in their tax return can rectify their position by submitting a supplementary assessment with a form which conforms to the original, or by using a photocopy of the form published in the Gazzetta Ufficiale (Official Gazette), downloadable from the Internet.

VIOLAZIONI SOSTANZIALI (SUBSTANTIVE VIOLATIONS): errors and omissions relative to the tax returns that affect the determination of the tax or its payment or that hinder a verification process. They can be regularized by submitting a supplementary assessment within the deadline established for the submission of the following year’s tax return. Taxes or the increased tax owed, the relative interest (calculated on the basis of the annual official rate with a day-to-day maturation) and the fine reduced to a fifth of the minimum established must be paid within the same deadline.

VISTO DI CONFORMITA’ (CONFORMITY PERMIT): certificate issued, upon the taxpayers’ request, by the CAF (Fiscal Assistance Centres) or by recognized professionals, which certifies that the data on the tax return they have prepared complies with the relative documentation. It can be issued under the premise that the tax return and the book-keeping entries have been prepared and kept by the CAF or by recognized professionals.

VOLUME D’AFFARI (VOLUME OF BUSINESS): total value of goods transferred and of services performed with reference to a solar year, valid for the purposes of Value Added Tax (VAT). Concessions of amortizable goods do not form a part of the volume of business.