ROME - In 2011 tax authorities in Italy launched investigations on suspected cases of tax evasion worth more than EUR 58 billion. On January 23rd the Guardia di Finanza (GDF), the Italian law enforcement agency dealing with financial crimes, released a statement revealing that in 2011 it launched 12 000 investigations on businesses and individuals suspected of evading their tax obligations. According to the statement, undeclared and under reported incomes were the most common forms of tax evasion, with nearly EUR 50 billion of ... Read More

ROME - While the government of Italy struggles to cut down the occurrence of tax evasion, some responsible Italian taxpayers have come forward with new online initiatives to help people fight the widespread practice of tax dodging. The new push against tax evasion in Italy is being facilitated by a number of online projects and social media sites which are allowing Italian taxpayers to collate details of tax evaders. One of the new sites combines individually submitted reports of tax evasion, and ... Read More

ROME - Italy has approved its long discussed austerity package, which introduce new taxes and changes to economic policies. At a session of the Senate of Italy on December 22nd, Italian policymakers gave final approval to a proposed austerity package aimed at eliminating the country’s budget deficit by 2013 and injecting new life into the economy. The austerity measures will include a new tax on all real estate in Italy, including residential and commercial properties. Also, the national retirement age will be raised to ... Read More

ROME - As Italy searches for new avenues to close its budget deficit, the government’s eyes have turned to the tax exemptions enjoyed by the Catholic Church in Italy. On December 10th the Prime Minister of Italy Mario Monty called for the country’s newly reinstated property tax to be applied to commercial properties operated by the Church. It is estimated that the tax would apply to over 16 000 properties across the country. If the tax is instated this year it could ... Read More

ROME - The new Prime Minister of Italy Mario Monti is spearheading the country’s drive to recover from its debt crisis, announcing the approval of a new austerity package aimed at boosting tax revenues and cutting government spending. At a press conference given in Rome on December 4th the Italian Prime Minister Mario Monti said that the Cabinet has approved a new austerity package which will reawaken the country’s economy, and help Italy balance its budget as early as next year. The ... Read More