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Italian Finance Minister Sets Out Anti-Tax Evasion Plan

by Ulrika Lomas,, Brussels

03 October 2014

In a presentation to the Italian Cabinet on September 30, 2014, Pietro Carlo Padoan, Italy's Minister for the Economy and Finance, outlined the measures the Government will take to improve tax compliance rates.

He told the Cabinet that the Italian "tax gap" – the amount lost due to tax breaks, avoidance, and evasion – amounts to EUR91bn (USD115bn) annually, or about seven percent of the country's gross domestic product (GDP).

A ministerial report on the tax agency's strategy to tackle non-compliance was required by a decree issued in April this year. Revenues from these initiatives and the removal of inefficient tax breaks will be used to reduce the tax burden on compliant taxpayers.

With respect to the affairs of individuals, Padoan said that the strategy will involve better using information already available to the Revenue Agency and other public bodies. This information will be used to flag up discrepancies between taxpayers' declared income and their spending. The agency will also seek to strengthen engagement with taxpayers.

In terms of its activities with companies, the agency aims to better target its enforcement actions by improving tax risk management. Particular attention will be given to aggressive tax planning techniques on the basis of the work of the Organization for Economic Co-operation and Development (OECD) and other supranational organizations.

Last, the Government will establish, for the approval of tax information exchange agreements, a "preferential passage" through parliament for these agreements to speed the ratification process. It will also reform rules concerning the repatriation of income held overseas.

TAGS: individuals | compliance | Finance | tax | business | tax information exchange agreement (TIEA) | value added tax (VAT) | tax compliance | tax avoidance | law | corporation tax | tax authority | agreements | self-employment | transfer pricing | Italy | tax breaks | individual income tax | Economy | Tax | Tax Evasion

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