Giovedì 27 Aprile 2017 - Aggiornato alle 8:51
Italy’s Voluntary Disclosure second version is again effective at works. New applications at the start on February 7
Italy has reopened its new voluntary disclosure (“VD”) program. Specific and personalized applications for joining the initiative, in fact, will begin to be transmitted to the Revenue Agency as of February 7, while the VD reports, the supporting documentation and the taxpayer-calculated payment must be filed by 30 September 2017.
Who can participate: the various panel of taxpayers interested in the tax measure - The VD new program is mainly addressed to taxpayers who:
•on or prior to 30 September 2016, were resident, for tax purposes, in Italy and did not comply with the Italian exchange control regulations;
•have not already benefited from the VD program's first edition;
•have not already had formal knowledge of the commencement of any actions by the tax administration leading to a possible tax assessment (such as an on-site audit, request for documents or information, etc.) or the commencement of a criminal procedure for violations of tax provisions connected to the subject of the disclosure.
What is the voluntary disclosure program and what the benefits for taxpayers who choose to join it - The VD program will enable taxpayers who chose to come forward and declare wealth held outside of Italy in violation of Italian exchange control regulations, to get substantial concessions over either potential fiscal penalties or from prosecution for the main tax and money-laundering crimes the taxpayers may have committed in relation to the assets held abroad.
Please take in mind, the VD is not a tax amnesty measure, in fact it has a cost to be paid by the taxpayers who adhere - Clearly, on the other side, to the participants in the program will be required a full disclosure of their identity and of all their assets and investments abroad as well as the payment of the full amount of previously unpaid taxes and related interest. Finally, taxpayers are not allowed to file more than one voluntary disclosure request.
What about cash – Moreover, the new VD program involves the disclosure of cash or other bearer instruments not held with a financial intermediary and irrespective of whether such types of assets have been located within or outside the Italian territory. Indeed, in such case the effectiveness of the VD program is subject to:
What makes the new VD attractive or the changing international fiscal scenario - The success of the previous VD was based on the offer of regularizing assets held abroad before the introduction of the automatic exchange of information between Italy and some financial havens, such as Switzerland and Monaco (as well as FATCA and CRS). Another incentive was the introduction of a new criminal offence for 'self-laundering', in other words, any attempt by those using the voluntary disclosure process to disguise the origins of undeclared funds or goods. The incentives remain the same, except for those who are holding undisclosed assets in the countries that have already agreed to automatically exchange information from 1st January 2017. These taxpayers will have to remit all taxes that would have been payable on undisclosed assets, but with much reduced administrative penalties.
The international context and the demise of banking secrecy or how the voluntary disclosure arises from the change in the international scenario - The worldwide financial crisis has affected not only businesses and families over the last fifteen years, but above all sovereign debt, forcing countries to adopt a global, coordinated approach to combatting domestic fiscal crime and plan to recover large amounts of taxes which have been evaded over the years.
Oecd leading role in pave the way for a more strictly anti-evasion world - The driving force behind the change in international fiscal matters, which, as a knock-on effect saw the demise of banking secrecy, was OECD, the Paris organization which is constantly at the forefront of pushing for improvement and ensuring inter-government cooperation in order to combat international tax elusion and tax evasion. OECD, in collaboration with the G20 countries and the EU, drew up the new multilateral Standard Form, inspired by the bilateral regulations contained in FATCA (Foreign Account Tax Compliance Act), promoted by the United States of America and aimed at favoring an automatic exchange of information between non-US financial intermediates and the Internal Revenue Services on finances held by US Persons, which was already operating in Italy. The new multilateral Standard Form aimed to automatically exchange information (also known as the CRS – Common Reporting Standard) that financial authorities were obliged to provide foreign financial authorities for the countries in which their clients were resident. At present 101 countries have undertaken to adhere to the automatic exchange of information pursuant to the Common Reporting Standard; 54 of the same (the so-called early adopters), including Italy, have also undertaken to implement the new standard as of 2017, using financial year 2016 as the first year of reference – while the other 47 – including Switzerland, The United Arab Emirates, Monaco and The Bahamas shall commence said exchange in 2018 for the 2017 financial year.
Twitter, the Italian Revenue Agency’s account turns three
Three years ago, the 22nd January 2014, the Italian Revenue Agency landed on Twitter. With more than 2.5 million views per year, 25,300 followers and 1,600 tweets released, the Revenue Agency's account captured the attention of an audience in constant search of news. On a global dimension, Twitter proved to be still one of the largest source of breaking news. On the day of the 2016 United States presidential election, according to Wikipedia, users sent 40 million tweets on this topic.
Day by day - From 2014 to 2017, monday to friday, the Agency has used a different approach to instantly reach thousands of taxpayers. Our account on this online news and social networking service has dealt with a wide range of tax issues, press releases, meetings, also through the testing of a live Q&A session with taxpayers and the live coverage of national events, such as the conference “Noi contro la corruzione”, in L’Aquila. With this online news and social networking service, the Tax Administration achieved a more direct and transparent relationship with taxpayers.
Stats - 2,633,535 views from January to December. Top peaks in April (338,052) and May (440,163), in correspondence with the prefilled tax return campaign. These are our main 2016 Twitter’s stats according to the number delivered in the Analytics Page.
Our audience - According to Twitter Analytics pages Italian Revenue Agency’s followers grow steadily, with a monthly increase of more or less 450 units. Our tweets are concentrated mainly in three age groups: 25-34 year old (24%), 35-44 (35%), 45-54 (28%).