Automatic information exchange is now a concrete reality for Italy

There are 49 States that, starting  from  September 2017, launched the first automatic bilateral financial information exchange by providing a “heritage” of financial information and financial data to the Italian fiscal administration. Among these States we also find former tax havens such as Liechtenstein, Cayman and British Virgin Islands.

The implementation of the transparency and tax cooperation regime between financial administrations is only at the beginning. Indeed, the number of countries committed to using the OECD standard (and in particular CRS) will increase, considering that other 53 states will start exchanging financial information  data automatically starting from September 2018.

The names of Italian tax payers with bank accounts abroad and the amount of their balances will not longer be  secret to Italian Tax Authority, which will be able to verify  it, if there are the conditions. The only downside  factor is the time for the implementation and the analysis of such data by the Italian Tax Administration.

After the expiration of the deadline  for the voluntary disclosure bis procedure,  Italian taxpayers with foreign asset  to be regularized, have only the last chance to heal  the past by accessing  the institute of “ravvedimento operoso”. However, this option to be effective has to  be done in short term, given the ever-changing global tax transparency regime.

For any information : info@stelva.ch