CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Italian Finance Minister Sets Out Anti-Tax Evasion Plan

Italian Finance Minister Sets Out Anti-Tax Evasion Plan

by Ulrika Lomas, Tax-News.com, 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

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »