Many studies have shown that input in more than one language influences children's phonemic development. In this study, we examined the neural processes supporting perception of Voice Onset Time (VOT) in bilingual Italian-German children and their monolingual German peers. While German contrasts short-lag and long-lag, Italian contrasts short-lag and voicing lead. We examined whether bilinguals' phonetic/phonological systems for the two languages develop independently or whether they influence each other, and what role language input plays in the formation of phonetic/phonological categories. Forty five-year-old children (16 monolingual German, 24 bilingual Italian-German) were tested in an oddball design expected to elicit a neural Mismatch Response (MMR). The stimuli were bilabial stop VOT contrasts with the short-lag stop, common to both languages, as the standard. Four deviant VOTs were selected: 92 ms and 36 ms lag for German; 112 ms and 36 ms voicing lead for Italian. Bilingual children's language background was assessed using a caregiver questionnaire. Italian-German bilingual 5-year-old children and German monolingual controls showed similar MMRs to German long-lag and Italian voicing lead VOT, except for the 36 ms long-lag deviant; this acoustically difficult distinction did not elicit a robust negative MMR in the bilingual children. The lack of a difference between the bilinguals and monolinguals for voicing lead suggests that the amount of input in Italian for the bilinguals was not sufficient to lead to an advantage compared to the monolingual German children. Alternatively, the finding could indicate that voicing lead is easier to discriminate than voicing lag.