The US Internal Revenue Services (IRS) has announced that their voluntary tax disclosure program has resulted in over 14,700 submissions. It was revealed on November 17th by Doug Shulman, IRS Commissioner, that the US tax disclosure leniency program has been met with "unprecedented success". Describing the achievement he said, "To put it simply, this is a historic milestone for the nation's hardworking taxpayers". In the wake of the US Department of Justice's (DOJ) legal action against Swiss bank UBS, the leniency program has ... Read More

The Swiss Government has put a halt on Double Taxation Agreement (DTA) procedures with Italy. Following Italy's raid on Swiss banks located in Italy, the Swiss government announced on November 1st that it has suspended its negotiations regarding their DTA with Italy. In retaliation, Giulio Tremonti, Italy's Finance Minister, threatened to “dry out” Lugano, Switzerland's most prominent financial center after Zurich and Geneva. Hans-Rudolf Merz, Swiss President and Finance Minister, said "The accord was ready for ratification from our side. But now the ... Read More

The Italian branches of Swiss banks were raided by the Guardia di Finanza on October 30th. According to Italian authorities, the operation was aimed at ensuring that all relevant taxation data was being provided by Swiss banks to the Italian tax authorities. In total, 76 branches were visited across northern Italy by the Italian Financial Police, Guardia di Finanza, and tax inspectors from the Agenzia delle Entrate, Italy's Inland Revenue Services equivalent. While no banks opted to comment on the raids, the ... Read More

According to the US Internal Revenue Service (IRS), 7,500 offshore account holders have revealed their details in exchange for leniency on their subsequent judgment. In an effort to curb tax evasion and retrieve tax liabilities avoided through offshore accounts, the IRS is offering a tax amnesty program which sees lower penalties and prosecution avoidance for those harboring money overseas. The program which requires submissions to be made by 5pm on October 15th, has now received over 7,500 applications. According to IRS statements, ... Read More

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 ... Read More

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 ... Read More

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 ... Read More