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Already 70,000 Italian Voluntary Disclosure Applicants

by Ulrika Lomas, Tax-News.com, Brussels

09 October 2015


The General Manager of the Italian Revenue Agency, Rossella Orlandi, has confirmed that there have so far been 70,000 requests to enter into Italy's current voluntary disclosure program, compared with only 10,000 applications around one month ago.

Under the program, participants have to pay all outstanding taxes when regularizing their undeclared capital held abroad, but are then subject to much-reduced administrative and criminal penalties.

The deadline for applications to enter into the program was recently extended from September 30 to November 30, 2015. Individuals who have filed an application form to enter the program by the new final date will be allowed until December 30 to present all of the necessary backing documents to the Revenue Agency.

The extension was agreed due to the high number of pending applications, to allow more time for applicants to comply with the program's requirements. There has been no official estimate of how many will eventually join the program.

During her testimony to a parliamentary committee on October 7, Orlandi pointed out that the checking of declarations made under the program will put a significant strain on the Agency's audit personnel next year, particularly if multi-year controls need to be put in place for each applicant.

TAGS: individuals | compliance | tax | tax compliance | law | enforcement | tax authority | agreements | legislation | Italy | penalties

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