Italy signs tax deal with Monaco

(ANSA) - Rome, March 2 - 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.