Italy

Credit Suisse is ready to write a €100 million check to the Italian Revenue Agency to close the tax dispute with Italy, as Reuters reported by a source with knowledge of the dossier. The bank, through a spokesman, answered with a "no comment". The Swiss banking group has been at the center of an investigation conducted by the prosecutor Gaetano Ruta, of Milan prosecutors, for violation of the Law 231/2001 on the liability of companies for crimes committed by their employees, and also for tax fraud, money laundering, obstacle to the supervisory authority and illegal.

Italy is preparing to launch the voluntary disclosure-bis, which will have the green light in the budget law, as confirmed by the deputy minister of Finance Luigi Casero on the sidelines of the Tax Forum in Milan on Tuesday; the structure remains rather uncertain.

According to rumors reported by italian agency press AGI, the sanctions will remain the same but there will be more an annuity in case of failure to declare. The Ministry of Finance aims for the voluntary return of funds held by Italians abroad, about €2 billion, which could also go up in the event that included cash, gold and precious.

Italy launched its first 50-year Bond on Tuesday. Like Spain, France and Belgium, in a statement, the Italian Finance Ministry said the bond would mature on March 1, 2067 and would be issued “in the near future”, as widely announced in recent weeks. The sale was arranged by Banca IMI, BNP Paribas, Goldman Sachs, HSBC France, JP Morgan Securities and Unicredit.
Italy joined other euro zone countries that have locked in historically low rates by selling ultra-long debt this year.

The value of trade between Lombardy and Switzerland amounts to around 11 billion euro per year. The figure is equal to one third of the more than 30 billion nationwide, according to the estimate given by the Milan Chamber of Commerce, on the 2015 data, the day after the vote in Ticino on the border restrictions.
The data broadly confirms the turnover of 2014, with a slight drop of 1%.

The citizens of Ticino ask to place restrictions on cross-border workers. According to final results, the initiative referendum "Ours First" – promoted by the Swiss People’s Party (UDC) with the support of the Ticino League – passed with 58% of "yes". The rejection was 39.7%.

The text submitted to the voters of the canton, where about 62 thousand border workers work every day , calls on "the labor market is preferred, level on professional qualifications, those who live on the territory."

Reform of the tax system in Italy: Equitalia, the agency that collects taxes, will be abolished by the end of year and will be replaced by Equientrate, in essence nothing will change, or better it will be seemingly a renaming. This will be an internal department of the Agency Revenue that will redeem not only the Agency but also claims of other public administrations.

The President of European Commission, Jean Claude Juncker, sends a strong and clear message to the Italian government: enough with the flexibility required because "in the Stability Pact, which must be an agreement of flexibility, have already introduced several elements of flexibility fighting against who you know "and without which elements"this year Italy could have spent 19 billion less".

OVS, Italian clothing chain, has launched a takeover bid for Charles Vögele Holding, active in the fashion retailer, with 760 stores including Switzerland, Germany, Austria, Holland, Belgium, Eastern Europe and annual sales of about 800 million Swiss francs .

The goal is to acquire a minority stake of 35% in Sempione Retail for a total investment of 14.1 million Swiss francs and no significant impact on indebtedness. Sempione Retail is the vehicle through which it was launched the takeover bid for the shares of Charles Vögele Holding, at a price of 6.38 Swiss francs each.