Italy and Vatican Sign Tax Agreement

July 30, 2013 Taxation in ItalyTaxation in Vatican

VaticanVATICAN – Italy and the Vatican have laid the groundwork for future cooperation in the fight against financial crimes.

In a communique on July 29th the Press Office of the Holy See revealed that the financial intelligence units of the Vatican and Italy have signed a Memorandum of Understanding regarding the sharing of information to aid the fight against tax evasion and money laundering occurring in both countries.

Explaining the significance and impact of the newly signed memorandum, the director of the Vatican’s financial intelligence unit Rene’ Bruelhart said that the Vatican is committed to stamping out the occurrence of tax evasion, and “…Italy is an especially important partner for us“ in reaching this goal.

The signing comes at the same time as both countries are taking extensive actions to show their commitment to fight tax evasion.

As part of Italy’s latest effort to change public perception about corruption and tax evasion, over the last weekend, the Italian government released full details of the incomes, assets, investments and taxes paid by each serving member of the current coalition government.

The Vatican is also working to dispel accusations of corruption and money laundering, as investigations are currently being conducted into allegations that the Vatican bank has been actively used to facilitate large-scale tax evasion and money laundering in Europe.

Photo by isawnyu