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Italian Voluntary Disclosure Program Yields EUR3.8bn

by Ulrika Lomas, Tax-News.com, Brussels

03 December 2015


In a preliminary estimate to the Ministry of the Economy and Finance, the Italian Revenue Agency has indicated that additional tax revenue of more than EUR3.8bn (USD4bn), net of interest, could be received from applicants joining Italy's voluntary disclosure program.

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.

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

There has been no official estimate of how many taxpayers eventually joined the program, and the definitive amount of additional revenue will only be available after all applications have been assessed by the Revenue Agency.

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

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