> News in English > News

Tax amnesty brings home 85 bln euros

Lion's share returns from Switzerland

17 February, 17:13
Tax amnesty brings home 85 bln euros (ANSA) - Rome, February 17 - Italians brought home some 85 billion euros in capital and other assets hidden abroad thanks to the government's tax amnesty plan, the Bank of Italy reported on Wednesday.

The sum, updated to February 15, was more than 10 billion euros less than what the Treasury claimed had come back to Italy at the end of December.

In its report, the Bank of Italy said that the lion's share in returned assets came from Switzerland, almost 60 billion euros, while Luxembourg was a distant second with 7.3 billion euros and Monaco third with 4.1 billion euros.

Economy Minister Giulio Tremonti predicted in mid-December that over 80 billion euros would be declared during the amnesty, equal to more than 6% of Italy's GDP.

The amnesty, the deadline for which was extended at the end of the year from December 15 to April 30, allows Italians a chance to legalize their hidden assets and accounts without having to pay back taxes, only a one-off penalty fee, initially 5% on their value.

The controversial initiative also shields them from prosecution for related crimes like accounting fraud and illegally exporting capital.

The government hopes that the assets repatriated to Italy will give a boost to the national economy, which has only recently begun to recover from the recession brought on by the global economic downturn.

When the deadline was extended to April 30 the Treasury said the date would be "definitive and final".

The extension was needed, Tremonti explained at the time, ''because the amount of assets being declared and the paperwork involved was too much for us to process in time''.

The terms of the amnesty deadline extension raises to 6% the penalty on assets declared by the end of February and 7% until the end of April.

According to the Treasury, the success of the amnesty was in part thanks to efforts of leading countries in the Group of 20 to work together in cracking down on tax havens.

"The era of tax havens is over forever. To hold assets in these havens is no longer convenient, neither economically nor in regard to taxes. The return is too low and the risks too high," the Treasury observed.

Based on the figures released on Wednesday, the Treasury stands to collect some 4.25 billion euros in penalty fees, slightly less than the 4.5 billion euros originally expected.

Top News

    • 13:09
    • 09 apr
    • ROMA

    Fecondazione eterologa, cade il divieto

    La Corte Costituzionale lo hanno dichiarato illegittimo
    • 12:09
    • 09 apr
    • MILANO

    Intesa paga 294 mln 'tassa Bankitalia'

    Segue Unicredit (196), ma su parametri patrimoniali impatto soft
    • 11:40
    • 09 apr

    Papa: tacciano le armi in Siria

    Dolore per assassinio gesuita Van der Lugt e per vittime guerra
    • 10:43
    • 09 apr
    • MILANO

    Garlasco: mamma Rita, ho ancora fiducia

    E' cominciato il processo d'appello bis, Stasi è in aula
    • 09:03
    • 09 apr
    • MILANO

    Borsa: Milano apre in rialzo, +0,24%

    Identico aumento per l'indice Ftse All share
    • 09:00
    • 09 apr
    • ROMA

    Immigrazione: Alfano,un morto su barcone

    Continuano sbarchi, 4.000 migranti soccorsi in ultime 48 ore
    • 07:01
    • 09 apr
    • ROMA

    Mafia, colpo a cosche in E-R

    Operazione cc regione e Crotone,13 ordinanze,sequestro da 13 mln
    • 06:36
    • 09 apr

    Pakistan:bomba a mercato,almeno 15 morti

    Ordigno ad alto potenziale in zona controllata forze sicurezza
    • 01:05
    • 09 apr
    • ROMA

    Immigrazione: Alfano, è allarme sbarchi

    Non bastano 80 mln Ue per Frontex. Def grazie a nostra azione
    • 00:23
    • 09 apr
    • NEW YORK

    Australia e Svezia, paradisi per giovani

    Secondo studio Usa. Italia fuori da classifica prime 30 nazioni