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120,000 Italians Settle Small Tax Debts

by Ulrika Lomas, Tax-News.com, Brussels

29 December 2011


In accordance with the tax administration provisions of the Italian budget approved in July 2011, 120,000 taxpayers have taken the opportunity to settle their small tax debts with the Revenue Agency.

From July, those individual taxpayers whose disputes with the Italian Revenue Agency each amounted to EUR20,000 (USD26,100) or less, and which were outstanding as of May 1, 2011, could choose to avoid any further investigation by the Agency by immediately paying the tax due.

It has been reported that 120,000 taxpayers have agreed to do so, paying additional revenue of more than EUR138m. That total could increase as certain payments are still awaited from intermediary banks but, in any case, the revenue received so far substantially exceeds the forecast of EUR112m made in the budget.

The closing of these cases will bring about a significant reduction in the investigations currently outstanding with the Italian tax authorities, allowing officers to concentrate on those cases of greater value. It is also the first step in simplifying and improving the efficiency of dealing with small tax disputes, and will provide the basis for a new arbitration system which will enter into operation from April 1, 2012.

Under mediation procedures to be established by the Revenue Agency from that date, taxpayers with disputes of up to EUR20,000 will be able to claim a partial or total annulment of the Agency’s assessment, or opt for a re-assessment. If the Agency does not accept the taxpayer’s claim, the case will go immediately to arbitration.

TAGS: compliance | tax | tax compliance | law | legislation | Italy | individual income tax

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