It has emerged this week that the Italian government is considering launching a tax amnesty for companies in order to encourage the repatriation of funds covertly transferred offshore.
Switzerland was the finance centre hardest hit by the Italian government's November 2001 amnesty for individuals, and according to national news service, Swissinfo.org, the Swiss Banker's Association has predicted that a similar amount to that repatriated from Switzerland by individuals - some SFr88 billion - could return to Italy under this latest initiative.
Swissinfo reported that the Italian tax authorities are prepared to turn a blind eye to funds siphoned out of the country via offshore firms, and also to assets removed from the country as a result of illegal accounting practices, in return for a 20% flat tax on all repatriated funds.
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