CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. More Time For Italian Voluntary Disclosure Applicants

More Time For Italian Voluntary Disclosure Applicants

by Ulrika Lomas, Tax-News.com, Brussels

30 September 2015


The deadline for participation in Italy's current voluntary disclosure program has been extended from September 30 to November 30, 2015, following the decision taken at a Cabinet meeting on September 28.

In addition, those individuals who file an application form to enter the program by the new final date will then be allowed until December 30 to present all of the necessary backing documents to the Revenue Agency. Applicants who have already applied will also be given until December 30 for the completion of their documentation.

The press release following the Cabinet meeting stated that the extension has been agreed due to the high number of pending applications, and the need for applicants to have more time to complete the program's requirements. In particular, applicants have experienced delays in gathering the required documentation when involving foreign jurisdictions.

Under the program, participants have to pay all outstanding taxes when regularizing their undeclared capital held abroad, and are then subject to much-reduced administrative and criminal penalties.

The number of participants had already been expected to grow substantially as the original deadline neared, particularly following the recent approval of legislation to ratify amendments to Italy's tax agreements with Switzerland, Liechtenstein, and Monaco, to provide for the exchange of tax information in line with international standards.

The Cabinet also decided to use part of the program's new funds to avoid activation of a "safeguard clause" within the 2015 Budget.

The Government decision has avoided an increase to the excise duty on fuels that would have gone into effect on September 30, to cover the decrease in budgetary revenue following the European Commission's rejection of a value-added tax reverse charge to be applied to large retailers in Italy.

TAGS: individuals | compliance | tax | European Commission | tax information exchange agreement (TIEA) | value added tax (VAT) | tax compliance | energy | law | budget | excise duty | agreements | legislation | Italy | standards | penalties | retail | Europe

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

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

Visit Cyprus Review »

Malta Review

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

Visit Malta Review »

Jersey Review

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

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



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 »