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Relaunch Of Italian Tax Amnesty Approved

by Ulrika Lomas, Tax-News.com, Brussels

25 November 2016


Final parliamentary approval was obtained on November 24 for a relaunch of Italy's voluntary disclosure program (VDP), as part of the Government's fiscal simplification and administrative decree linked to its 2017 Budget proposals.

The reopened VDP, which was announced at the same time as the 2017 Budget, is expected to yield a further EUR2.6bn (USD2.75bn) in additional tax revenue. The original program that closed on November 30 last year yielded EUR4bn.

Under the VDP, which will remain open until July 31, 2017, participants have to agree to pay all outstanding taxes when providing details of their undeclared assets or income. They then get the benefit of much-reduced administrative and criminal penalties.

Within its new provisions, it will be possible for declarations to be made not only of undeclared overseas assets, but also of previously unreported cash and bearer bond holdings in Italy. An individual who has already taken part in the 2015 program may not participate in the revised VDP to declare further holdings abroad, unless also declaring unreported assets in Italy.

TAGS: individuals | compliance | tax | tax compliance | law | budget | legislation | Italy | penalties

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