A voluntary disclosure program
to encourage Italians to repatriate assets held abroad could
generate two billion euros for use in the 2017 budget, informed
sources said Thursday. The second edition of the program first
approved by parliament in December 2014 will contain "some
adjustments to avoid glitches we encountered in the past", the
sources said. The first edition generated income of four billion
euros, as repatriated capital is subject to all taxes. The
program is not an amnesty, but involves voluntary disclosure of
assets held abroad. While no criminal penalties are applied,
petitioners are required to reveal all relevant information
including bank documents and intermediaries to create a picture
of the money trail. In Italy the common level of taxation for
large amounts of capital can be as much as 43%, yielding a tax
boon for the Italian treasury. The program follows standards
developed by international bodies including the Organization for
Economic Cooperation and Development (OECD), the government of
Premier Matteo Renzi said at the time.
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