The 770 model is a tax instrument used by withholding agents to report withholding taxes made on compensation and other income. The deadline for submitting the 770 2024 model is October 31, 2024, as indicated by the Revenue Agency. In this guide, we explain what the 770 model is, who should present it and what’s new for 2024
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What is Model 770
The 770 model is a mandatory tax return for individuals who operate withholding taxes, such as employers and other withholding agents. This model serves to communicate the withholding taxes made on capital income, from employees and self-employment, and on other types of compensation, during the reference year
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The sending of the model takes place exclusively electronically through the Revenue Agency, and is mandatory for all subjects who made withholding taxes in 2023. The deadline for submission is October 31, 2024.
Who Must Submit the 770 Model
The 770 model must be submitted by:
- Capital companies (S.p.A., S.r.l., cooperatives);
- Commercial and non-commercial entities resident in Italy;
- Unrecognized associations and consortia;
- Trusts and partnerships (S.n.c., S.a.s.)
- Natural persons who carry out business or professional activities;
- Public bodies such as municipalities, regions and provinces;
- Bankruptcy trustees and other entities appointed by law.
;
These individuals must submit the model if in 2023 they paid compensation subject to withholding tax, such as income from employment or self-employment, dividends and other financial income.
What’s new in Model 770 for 2024
Among the main new features of the 770 2024 model are:
- New section on UCITS: a section has been introduced relating to the release of shares from Collective Savings Investment Organizations.
- Flood emergency: specific references have been added in the ST and SV Frameworks to manage credits and debts deriving from flood emergencies.
- Supplementary treatment: in the SX Framework, a new column has been introduced for the management of credit deriving from the special supplementary treatment.
Deadline for Submission of Model 770
The 770 model for the 2023 fiscal year must be submitted by October 31, 2024. The deadline is the same for all obligated entities. Recall that the model can be sent
:
- Directly from the withholding agent;
- Through authorized intermediaries such as accountants or tax advisors;
- Through companies belonging to the same group.
The electronic transmission takes place through the Revenue Agency portal, accessible through SPID, CIE or CNS. Once the model has been sent, the declaration is considered completed only when the Agency issues an electronic receipt confirming the receipt of the data
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Instructions for Compiling the 770 Form
To fill in the 770 form correctly, you must follow the instructions provided by the Revenue Agency. The 770 model contains several sections (Frames) in which the data relating to the withholding taxes made and the payments made during the 2023 fiscal year must be entered
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Some of the main Frameworks to fill in are:
- ST framework: for withholding taxes made on income from employment and self-employment;
- SX Framework: for the management of credits deriving from withholding taxes;
- SV framework: for the management of credits and debts deriving from extraordinary events such as flood emergencies.
Full instructions for filling out are available in the official document published by the Revenue Agency, which provides details on each section of the model.
Supplemental Model 770
If, after submitting the 770 model, you realize that you have made mistakes or omissions, you can send a supplementary model to correct the data. This allows you to modify, integrate or correct the information already transmitted to the Revenue Agency. The supplementary model must be submitted within the time limits established by law, otherwise penalties may result
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What is the 770 model for
The 770 model allows the Revenue Agency to verify that the withholding taxes and payments made by withholding agents are correct. This model is a fundamental tool for the IRS, which uses it to ascertain the regularity of payments and tax returns made by companies, bodies
and professionals.
The 770 model is a mandatory tax return for all individuals who operate withholding taxes. Remember to send it by October 31, 2024 to avoid penalties. Follow the instructions provided by the Revenue Agency carefully and, in case of errors, do not forget to submit a supplementary model.