Capital repatriation bill approved in Senate

(ANSA) - Rome, December 4 - 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.