Italy warns: we don’t wait for Switzerland

Italy will also get information on bank accounts abroad next year, thanks to agreements with Switzerland and Liechtenstein. The deal allows to the Italian tax authorities not to wait that taxpayers, with cash and assets deposited abroad, regularize their position. In order to hunt down the cash, the tax agency is preparing collective data requests.

It means that the Italian authorities will ask and get the data of the Italian customers who have opened a foreign bank account. As pointed out by the Italian newspaper Il Sole 24 Ore, authorities "won’t stop to Switzerland only, due to the fact that the agreements signed in 2015 will offer new opportunities." 

Competent authorities will use the previous voluntary disclosure to produce a set of parameters which outline contributors; both Switzerland and other countries that have signed treaties to avoid double taxation with Italy, will be required to provide details over their bank accounts on the basis of specific requests, as quarterly VAT declarations.

Over the reopening of the voluntary disclosure for cash and valuables contained in safe-cases, rumours emerged. The procedure states that the opening of the safe-deposit box and the inventory are carried out in front of a notary. Then, the taxpayer will have to present a self-certification that the values are not derived from criminal activities.

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