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Italy-Switzerland tax treaty to be agreed 'by May'

Deal on capital flight, cross-border workers and info exchange

30 January, 15:37
Italy-Switzerland tax treaty to be agreed 'by May' (ANSA) - Bern, January 30 - Italy and Switzerland could agree to the terms of a new tax treaty by May this year, Italian Economy Minister Fabrizio Saccomanni said on Thursday.

The accord will address the sensitive issue of undeclared capital deposited by Italian residents in the tax haven across the Alps within the framework of a new voluntary disclosure programme presented by the Italian government allowing tax evaders to come clean. This involves full payment of all taxes due and the relinquishment of anonymity among other things. The Italy-Switzerland tax treaty will also concern the taxation of cross-border workers and of the Italian Campione d'Italia municipality in the Swiss canton of Ticino, a review of double-taxation agreements and access to financial markets, Saccomanni said. In addition, civil servants will thrash out an agreement over the exchange of information between the two countries.