Category Taxation in Italy
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Italian Tax Amnesty Approved, Judged Risky
October 7, 2009
Offshore Banking, Tax Havens, Taxation in Italy 
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The newest Italian Tax Amnesty Program has been written into law, yet is judged to be a risk to the country by Fitch Ratings.
Italy, which according to an Associazione Contribuenti Italiani and Klrs Network of Business Ethics survey has EU’s highest levels of tax evasion, has approved its third tax amnesty program in eight years. The 2nd of October saw the Italian parliament pass the tax amnesty proposal with 270 affirmative and 250 negative votes. It was signed into law by Giorgio Napolitano, President of the Italian Republic, on the 3rd of October.
The tax amnesty program proposed to allow the repatriation or relocation of offshore held funds with protection from prosecution, in exchange for a 5% fine on the value of the funds...
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Tax Amnesty Begins for Italians
September 17, 2009
Offshore Banking, Tax Havens, Taxation in EU, Taxation in Italy -
The Italian Government has launched a tax amnesty program for the declaration of funds held in offshore accounts.
Beginning on the 15th of September, Italians will have opportunity to declare their offshore accounts to the government. The tax amnesty, which will last until the 15th of April 2010, will allow Italian nationals to protect themselves from future penalties and criminal prosecution for their undeclared assets, in turn facing only a 5% penalty on the account’s total value.
The tax amnesty applies to private individuals, partnerships and non-commercial associations. Limited liability companies and those already under investigation for tax fraud are not eligible. Those applying have two options available for their funds – repatriation and regularization...
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Italy and San Marino Will Sign a Tax Accord
September 3, 2009
International Tax Cooperation, Taxation in Italy, Taxation in San Marino -
Italy and Republic of San Marino will sign a tax accord by the end of September.
The announcement of the new tax accord between smallest European country Republic of San Marino and Italy was made last week by Italian Economy Minister Giulio Tremonti. This accord is part of an economical program of the governments of Italy and San marino to fight tax avoidance by citizens of these countries.
The third tax amnesty will begin in Italy in mid-September. At the same time the government of San Marino is planning to conduct an emergency census of it’s 31,000 citizens to eliminate foreigners, mainly Italians, claiming to live in San Marino where they enjoy low taxes and strict banking secrecy ...
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San Marino Eyes OECD Grey List Removal
August 5, 2009
International Tax Cooperation, Tax Havens, Taxation in Italy, Taxation in San Marino -
According to the San Marino Foreign Secretary, the nation expects to upgrade from its standing on the OECD Grey List by September.
In an effort to entice Italian companies to invest back into San Marino, along with draw it’s much relied upon tourist dollar, the nation racing to sign the necessary Tax Information Exchange Agreements (TIEA) to improve the view that the OECD takes of it.
San Marino was classed as a Blacklist nation by the OECD until 2003, due mostly to its alleged use by Italians for tax haven purposes. Increased international pressure for financial transparency, a Fitch rating downgrade and a forecasted 2010 budget deficit has now prompted San Marino officials to seek an improvement in its global financial standing...
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