The Italian government signed a
treaty with the Principality of Monaco on Monday aimed at
exchanging tax information in order to reduce banking secrecy,
the Treasury department said.
It follows two similar treaties signed last week with
Switzerland and Liechtenstein, also aimed at helping Italy crack
down on tax avoidance and evasion.
Italy has struggled to fight tax crime, and has estimated
that tax dodgers have cost the national coffers as much as 90
billion euros per year.
Last Monday, Premier Matteo Renzi said that the tax deal
with Switzerland alone would be worth billions of euros as the
country cracks down on tax evaders.
The tax treaties are all aimed at helping authorities
identify Italians who are hiding assets in these three countries
in order to dodge taxes, officials have said.
As well, it should encourage more voluntary disclosure and
return of assets held abroad, they added.
Economy Minister Pier Carlo Padoan has said the increased
transparency will boost Italians' confidence.
Italy has had a major problem with tax evasion and the
national Audit Court recently estimated about 91 billion euros
in taxes were evaded each year between 2007 and 2012.
Repatriating assets has been one strategy Rome has employed
to try to get some money back.
The Italian government said last month that its capital
repatriation plan will continue until September, representing
"the last chance to come into compliance" with tax authorities
without facing penalties, officials with the economy ministry
have said.
A tax measure covering capital repatriation allows
offenders to return money previously hidden abroad without
penalty.
However, accrued taxes must be paid.
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