Voluntary disclosure: the extension until November 30, 2015 is confirmed

October 30, 2017 The Italian Social Security Authority, with Circular Letter No. 154 of October 25, 2017, provides instructions on changes and additions to the bilateral Totalization Agreement between Italy and Canada, which entered into force on 1 October, with particular reference to: – determination and uniqueness of the applicable legislation – assignments – pension benefits – health controls in order to grant disability benefits – family benefits for pensioners – economic benefits for tuberculosis…

June 2, 2017 Amendments to Law Decree n. 50/2017  approved by the Chamber of Deputies introduce some important facilitations to the voluntary disclosure procedure of L.D. n. 193/2016: the taxpayer may recover the tax credit for taxes paid abroad on the employment income object of the procedure the increased penalties apply only in the event that the taxpayer does not opt for the self-assessment of the tax due but waits for the penalty imposed by…

April 3, 2017 The Italian tax authority released a Provision on 31 March 2017, extending the deadline for employees who have transferred their residence to Italy by 31 December 2015 in order to access to the special tax regime provided by Legislative Decree no. 147/2015. The employees may opt until 2 May 2017 for the facilitated measure that provides a 30% reduction of the taxable basis (year 2016) and 50% reduction (year 2017) for the…

January 31, 2017 The Ministry of Economy and Finance has amended Annexes C (List of jurisdictions object of communication) and D (list of participating jurisdictions) related to D.M. 28 December 2015 concerning the mandatory automatic exchange of tax information. The above Decree rules the methods for recording, transmission and communication to the Italian Tax Authority of the information relating to financial accounts, as well as procedures relating to due diligence for tax purposes. The new…

October 25, 2016 The Italian Tax Authority, in a press release issued yesterday, has given the green light to adhere to the Voluntary disclosure from October 25, 2016. In fact, the Italian Tax Authority allowed to use the previous appeal model approved last year and to transmit it electronically, by means of licensed professionals. In addition, the professional will send to the client’s account via Electronic Certified Mail a preliminary accompanying report with details of…

October 25, 2016 Article 7 of Law Decree no. 193 of 22 October 2016, published in the Official Gazette n. 249 of 24 October 2016, extends the deadline for the voluntary disclosure procedure in order to regularize the undeclared foreign investments and foreign financial assets owned by Italian tax resident individuals. Taxpayers who infringed the tax monitoring obligations under D.L. n. 167 of 28 June 1990 can voluntarily regularize their positions in the period ranging…

January 20, 2016 The Italian Social security authority, by releasing Message n. 218/2016, notifies Companies of the new electronic procedure regarding the issuance of A1 model concerning employees assigned abroad as per EU Regulation n. 883/2004 and Regulation n. 987/2009. Feel free to contact us for any further clarification.

July 17, 2015 By releasing the Memorandum n. 27 dated July 16, 2015, the Italian tax authority answers a set of questions asked by professional and intermediaries regarding the voluntary disclosure procedure. Among other topics, the Memorandum explains the cases of a financial position held by a subject different from the beneficiary and by an effective owner (i.e. appointed), on joint-stock companies CEOs and on the treatment of wealth tax on foreign real estate properties…

March 13, 2015 The Italian Tax Authority releases Memorandum n. 10/E dated March 13, 2015, containing the guidelines about the Voluntary Disclosure procedure, clarifying the application field, the fulfillments, the application range and related penalties. For any further information, please contact us.

Italy and Monaco have just signed an important cooperation agreement. The agreement modifies the double tax treaty, introducing the automatic exchange of financial information between the two Countries. Such deal will allow the Italian taxpayers, who are likely to apply for the international voluntary disclosure, to benefit from a penalty reduction as a result of the assets repatriation. For any further information, please contact us.