A bill permitting the
repatriation of capital held abroad by Italians won final
approved in the Senate Thursday, with a vote of 119 yeses while
61 said no and two abstained.
The bill, approved without changes Wednesday night in the
Senate finance committee, also deals with the crime of self
money-laundering - "own proceeds" laundering by a person who
may be the author of the offence.
The bill is not an amnesty but involves a voluntary
disclosure of assets held abroad.
The repatriated capital will be subject to all taxes, said
Luigi Casero, junior economy minister.
The common level of taxation for large amounts of capital
can be as much as 43%, which could yield a tax boon for the
Italian treasury.
It follows standards developed by international bodies
including the Organization for Economic Cooperation and
Development (OECD), said Casero.
No criminal penalties would be applied but petitioners
under the bill would be required to reveal all relevant
information including bank documents and intermediaries to
create a picture of the money trail.
Moscardelli said the bill would concern violations of
existing capital laws up to September 20, 2014 and remain in
place until the same day in 2015.
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