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Italy Issues Delayed Financial Transaction Reporting Rules

by Ulrika Lomas,, Brussels

28 March 2013

The Italian Revenue Agency has, after a certain amount of delay, now provided the definitive dates by which banks and other financial institutions are obliged to report their clients' transactions to the tax authorities, as part of the Government's efforts to increase tax compliance.

Following a meeting earlier this month with representatives from the financial sector, it has been decided that financial transactions entered into by their customers in 2011 should be reported by 31 October 2013, and not, as previously suggested, by the end of April this year. Those entered into in 2012 will need to be transmitted by March 31, 2014. The annual regime will then be that each year's transactions will be reported by April 20 – therefore, the 2013 data will be sent by April 20, 2014.

The regulation issued by the Agency's General Manager, Attilio Befera, confirms that the financial intermediaries, which will need to transmit their customers' business, include banks, the Italian post office, and investment managers and advisors. The services covered by the measure include current and savings accounts, debit and credit cards, over-the-counter business, certificates of deposit, derivatives and safe deposit boxes (by the annual number of access visits), but not pensions and loans.

Each institution must indicate the details of the relationship, including all of the individuals or companies involved with it. The information to be provided will contain the balance as at January 1 and December 31 each year, the opening balance, if the account was opened during the year, and the closing balance, if the account was closed during the year, and the total value of payments into and out of each type of relationship during the calendar year.

The Agency will be sent the data over a new computerized file transfer platform, and will keep the information on a strictly private and confidential basis. It will, however, be used to produce a specific list of those taxpayers considered to be a major tax evasion risk, on the basis of criteria established by the Agency, and will be used to compare taxpayers' spending and investing habits against their completed individual and corporate income tax returns.

TAGS: individuals | compliance | tax | business | tax compliance | tax avoidance | law | banking | financial services | capital markets | corporation tax | regulation | individual income tax | services

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