Switzerland : waiver lasts till 22 february 2015

The Italian Revenue Agency has specified that the effectiveness of the waiver stops at February 22, 2015, exactly one day before the signing of the agreement between Bern and Rome.

The waiver is a permission granted by the Italian current account to his Swiss bank to disclose its financial data to the administration of residence as part of the voluntary disclosure. The communication of information were intended to assign the right sanctions and failure doubling declaratory terms to taxpayers with accounts in collaborative spontaneously countries.

To dispel any doubts on the operation of the waiver, following the revision of the Convention to avoid double taxation between the two states, the Italian tax authorities confirms the effectiveness expires on February 23, with regard to the operations carried out only after a specified time.

What remains to be seen is whether Swiss banks still feel attached to such authorization; otherwise it will be the task of the Italian tax authorities to apply the necessary tests to those directly affected.