From July 1, 2025, companies listed on the FTSE MIB index are no longer subject to the split payment regime.

Starting from this date, the payment of VAT will be the responsibility of the service provider: invoices issued to listed companies must therefore show VAT, as in the ordinary VAT regime.

Let’s take a closer look at how split payment works and what changes for the suppliers of listed companies.

Split payment: listed companies excluded from July 1

From July 1, 2025, companies listed on the FTSE MIB index of the Italian Stock Exchange, identified for VAT purposes under Presidential Decree no. 633/1972, will be excluded from the split payment regime.

With Decision No. 1552 of July 25, 2023, the EU Council authorized Italy to apply the special split payment measure until June 30, 2026. By way of derogation from Article 206 of Directive 2006/112/EC, Italy may therefore require that VAT due on supplies of goods and services to certain entities be paid separately.

This applied to public administrations, companies controlled by public administrations, and companies listed on the FTSE MIB index. However, in compliance with the EU directive, Italy committed to gradually phasing out the split payment measure. Therefore, from July 1, the supply of goods and services to listed companies included in the Financial Times Stock Exchange Milano Indice di Borsa will be excluded from the special regime.

Split payment regime: how it works

Split payment is a specific regime in which VAT payment is not the responsibility of the supplier/service provider, as normally occurs, but of the customer. In a transaction subject to split payment, the invoice issuer does not charge VAT, but simply includes the wording “split payment”.

In this case, VAT is not paid to the supplier but is paid by the customer directly to the tax authorities — usually through a Form F24.

Until June 30, 2025, the split payment regime applied to transactions involving:

• Public administrations;

• Companies controlled by public administrations;

• Listed companies included in the FTSE MIB index.

As of July 1, as mentioned, listed companies have been excluded from the list: suppliers of these companies must therefore collect VAT via the ordinary mechanism (i.e. charge the VAT to the customer), except in cases where the reverse charge applies.

Split payment VAT: what changes for suppliers?

Suppliers of listed companies included in the FTSE MIB index will have to adjust to the new rules by revising the electronic invoicing process for transactions addressed to these entities. VAT must now be collected in the ordinary way, charging it to the customer.

It will still be possible to apply split payment to invoices issued by June 30, 2025 (more precisely: invoices transmitted to the SdI by that date), after which suppliers must update their invoicing systems in accordance with the new rules.

Split payment check for listed companies in electronic invoicing

To avoid errors during invoicing, it is necessary to consult the list of entities subject to split payment, which includes all subjects to whom the special regime applies. Before issuing an invoice, it is essential to know for sure whether the split payment regime applies to the customer.

The lists valid for the year 2025 have recently been published and are available on the website of the Ministry of Economy and Finance. The search can be performed for each company using its tax code.

However, this process does not have to be manual. The check on companies subject to the split payment mechanism can also be automated: thanks to Openapi's Split Payment service, it is possible to verify in real time via API whether a company is subject to this regime.