Voluntary disclosure 'could net 2bn'

(ANSA) - Rome, September 29 - 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.