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Italy Looks At Re-Opening Voluntary Disclosure Program

by Ulrika Lomas, Tax-News.com, Brussels

18 May 2016


In a television interview, Italian Premier Matteo Renzi has indicated that the Government is considering reopening its voluntary disclosure program (VDP) for undeclared Italian offshore assets and income.

Once all of the nearly 130,000 applications for the original VDP have been processed, Italy is expected to see a tax boost of about EUR4bn (USD4.5bn), net of interest. The program closed on November 30 last year.

A re-opened program could be aimed at the income of non-compliant persons from 2015 and 2016, providing them with an opportunity to regularize their offshore assets prior to the beginning of the OECD's Common Reporting Standard for the exchange of tax information, which will occur between 2017 and 2018 depending on the jurisdiction.

Under the VDP, participants had to agree to pay all outstanding taxes when declaring their assets, but were subject to much-reduced administrative and criminal penalties. It is not known if the Government is contemplating increased penalties for the new amnesty.

TAGS: compliance | tax | tax information exchange agreement (TIEA) | tax compliance | law | offshore | agreements | Italy | penalties | Tax | Tax Evasion

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