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.
To see today's news, click here.
Tax-News Reviews

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

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

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

A review of the latest budget news and government financial statements from around the world.
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 »
Network Blogs and Features
- Big changes Afoot... »
- I.T. is IT! »
- What Is a Registered Agent, and Why You Need a Registered Agent for Your Business? »
- Spring Cleaning? »
- Brexit and Covid and Tax, Oh My! »
- Why is the Hong Kong startup ecosystem growing rapidly? »
- Happy Holidays? »
- COVID Continues To Capture Headlines »
- Taxing The Zeroes And Ones »
- Value Added News... »