The Model 770 2024 must be submitted by October 31, 2024. This form is used by withholding agents to declare to the Revenue Agency the withholding made on the compensation paid during 2023. The transmission of the model takes place exclusively electronically, following the instructions provided by the Revenue Agency
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In this guide we will see what the 770 Model is, who is required to submit it, the changes introduced for 2024 and how to fill in and send the model correctly.
What is Model 770
Model 770 is a tax document used by withholding agents, such as companies, entities and administrations, to communicate withholding taxes made on compensation, capital income and other types of income. Withholding agents are required by law to pay taxes and contributions on behalf of workers or income earners.
The model must be transmitted electronically to the Revenue Agency by October 31 of the year following the year to which the withholding taxes refer. For 2024, the deadline concerns withholding taxes made in 2023
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News of the 770 2024 Model
Among the main changes of Model 770 2024, approved by the Decree of 26 February 2024 of the Revenue Agency, we find:
- A new section relating to the release of shares from Collective Savings Investment Organizations (OICR).
- An added note on the ST and SV Frames regarding the flood emergency.
- A new column in the SX Framework for the management of credit deriving from the Special Supplementary Treatment.
Who Must Submit the 770 Model
All individuals who paid compensation subject to withholding tax in 2023 must submit Model 770, including:
- Capital companies (SPA, SRL, cooperatives, etc.).
- Commercial and non-commercial entities.
- Unrecognized associations, consortia and condominiums.
- Natural persons who carry out business, professional or agricultural activities.
- State administrations and bankruptcy trustees.
- Partnerships and other corporate forms without legal personality.
In general, all individuals who act as withholding agents, i.e. those who operate withholding taxes on compensation or distributed income, must present this model.
Deadline for Submission of Model 770 2024
The deadline for submitting Model 770 2024 is October 31, 2024. All obligated parties must respect this date to send the 2023 declaration
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Instructions for Compiling and Sending Form 770
The 770 2024 Model must be transmitted to the Revenue Agency through the electronic system. The submission can be made:
- Directly from the withholding agent.
- Through authorized intermediaries, such as accountants or tax advisors.
- Other entities in charge of State Administrations.
To consider the declaration as submitted, it is necessary for the Revenue Agency system to receive the data by the deadline and send an electronic confirmation of the receipt.
Compiling Form 770: What You Need to Know
The compilation of Model 770 requires particular attention to data relating to withholding taxes and to any credits and compensations. Among the most important frameworks to fill in, we find:
- ST Framework: Withholding taxes on employee and similar income.
- Table SV: Withholding taxes on self-employment income and different incomes.
- Table SX: Credits and Compensation.
In the event of errors or omissions, the withholding agent may send a supplementary declaration to correct the incorrect data.
Exemptions and New Rules for 2024
In 2024, withholding agents may benefit from some exemptions and new rules introduced by the Compliance Decree 2024:
- Exemption from the Single Certification requirement for compensation paid to individuals on a flat rate basis, thanks to the extension of the obligation of electronic invoicing.
- Starting from 2025, for those who work withholding income from employment or self-employment, there will be the possibility of using alternative methods to the 770 declaration, in an experimental and optional phase.
The 2024 Tax Reform Guide
To learn more about the 2024 tax news, a detailed guide on the 2024 Tax Reform is available, which explains all the changes regarding taxes, deductions and deductions.
The 770 2024 Model is a fundamental requirement for withholding agents, who must correctly declare the withholding taxes made during 2023. It is important to meet the deadlines and fill in the data correctly to avoid penalties and disputes
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