Italy May Net EUR4bn From Concluded Tax Amnesty

by Ulrika Lomas, Tax-News.com, Brussels

11 December 2015

Italy's Ministry of the Economy and Finance disclosed that the voluntary disclosure program had received 129,565 applications involving previously undeclared assets totaling EUR59.5bn, by its close on November 30.

The Ministry said these undeclared funds surfaced from Switzerland (69.6 percent), Monaco (7.7 percent), the Bahamas (3.7 percent), Singapore (2.3 percent), Luxembourg (2.2 percent), and San Marino (1.9 percent).

It is estimated that Italy will see a tax boost of about EUR3.8bn, net of interest, as a result of the program. Once all applications have been considered, this figure could pass the EUR4bn mark.

Under the program, participants had to agree to pay all outstanding taxes when regularizing their undeclared assets. However, they will be subject to much-reduced administrative and criminal penalties. 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.

TAGS: compliance | Finance | tax | tax compliance | Bahamas | law | Luxembourg | Monaco | Singapore | Italy | Switzerland | penalties | San Marino | Economy