Voluntary disclosure: the kick-off date is October 25, 2016

June 2, 2017 Amendments to Law Decree n. 50/2017  approved by the Chamber of Deputies introduce some important facilitations to the voluntary disclosure procedure of L.D. n. 193/2016: the taxpayer may recover the tax credit for taxes paid abroad on the employment income object of the procedure the increased penalties apply only in the event that the taxpayer does not opt for the self-assessment of the tax due but waits for the penalty imposed by…

January 31, 2017 The Ministry of Economy and Finance has amended Annexes C (List of jurisdictions object of communication) and D (list of participating jurisdictions) related to D.M. 28 December 2015 concerning the mandatory automatic exchange of tax information. The above Decree rules the methods for recording, transmission and communication to the Italian Tax Authority of the information relating to financial accounts, as well as procedures relating to due diligence for tax purposes. The new…

October 25, 2016 Article 7 of Law Decree no. 193 of 22 October 2016, published in the Official Gazette n. 249 of 24 October 2016, extends the deadline for the voluntary disclosure procedure in order to regularize the undeclared foreign investments and foreign financial assets owned by Italian tax resident individuals. Taxpayers who infringed the tax monitoring obligations under D.L. n. 167 of 28 June 1990 can voluntarily regularize their positions in the period ranging…

December 29, 2015 The Italian Tax Authority releases Memorandum n. 38 on the reformation of tax litigation trial referred to D. Lgs. n. 156/2015 The Memorandum contains important clarifications regarding amendments made to D.Lgs. n. 546/1992, with specific reference to Tax Commissions’ jurisdiction, to the technical assistance, to the judgment expenses, to the claim and mediation, to communication and notification procedure, to the appeal and suspension. Feel free to contact us for any further clarification.

October 2, 2015 Law Decree n. 153/2015 dated September 30, 2015 granted an extension until November 30, 2015 in order to file the voluntary disclosure form (allowing the taxpayer to amend the same model and to file the supporting report and documents until December 30, 2015) without applying additional penalties. The Firm is available to provide assistance to those taxpayers who are likely to apply for the voluntary disclosure procedure. For any further information feel…

July 17, 2015 By releasing the Memorandum n. 27 dated July 16, 2015, the Italian tax authority answers a set of questions asked by professional and intermediaries regarding the voluntary disclosure procedure. Among other topics, the Memorandum explains the cases of a financial position held by a subject different from the beneficiary and by an effective owner (i.e. appointed), on joint-stock companies CEOs and on the treatment of wealth tax on foreign real estate properties…

March 13, 2015 The Italian Tax Authority releases Memorandum n. 10/E dated March 13, 2015, containing the guidelines about the Voluntary Disclosure procedure, clarifying the application field, the fulfillments, the application range and related penalties. For any further information, please contact us.

Italy and Monaco have just signed an important cooperation agreement. The agreement modifies the double tax treaty, introducing the automatic exchange of financial information between the two Countries. Such deal will allow the Italian taxpayers, who are likely to apply for the international voluntary disclosure, to benefit from a penalty reduction as a result of the assets repatriation. For any further information, please contact us.

24/02/2015 Italy and Switzerland have just signed an important cooperation agreement. The agreement modifies the double tax treaty, introducing the automatic exchange of financial information between the two Countries. Such deal will allow the Italian taxpayers, who are likely to apply for the international voluntary disclosure, to benefit from a penalty reduction as a result of the assets repatriation. For any further information, please contact us.