MINI-VOLUNTARY: PAY ATTENTION TO THE PENAL ASPECTS

MINI-VOLUNTARY: PAY ATTENTION  TO THE PENAL ASPECTS

The Italian Tax Authority (AE) issued the news 12/E/2018 about the “mini VD”. The “mini Voluntary Discosure” wants to regulate income coming from employment and self-employment produced abroad by Italian tax payers  who in the years subject to the procedure , duly registered in A.I.R.E. as resident abroad or were. With the procedure is possible to remedy the regular positions  by paying a flat-rate substitute to 3% of the value of assets and inventory at December 31, 2016, in terms of taxes, penalties and interest.

The critical aspect to be considered is the total absence, in the circular, of any reference to penal aspects, which are particularly important for self-employed cross-border workers, because they are obliged to pay tax in Italy and they are not guaranteed by the withholding tax for the foreign employer.

The mini-voluntary does not exclude or modify the application of anti-money laundering legislation (Legislative Decree 231/2007). The obliged subjects  (consultants, professionals) must verify and report any suspicious transactions.

Our staff is at your disposal for any clarification.

The Italian Tax Authority (AE) issued the news 12/E/2018 about the “mini VD”. The “mini Voluntary Discosure” wants to regulate income coming from employment and self-employment produced abroad by Italian tax payers  who in the years subject to the procedure , duly registered in A.I.R.E. as resident abroad or were. With the procedure is possible to remedy the regular positions  by paying a flat-rate substitute to 3% of the value of assets and inventory at December 31, 2016, in terms of taxes, penalties and interest.

The critical aspect to be considered is the total absence, in the circular, of any reference to penal aspects, which are particularly important for self-employed cross-border workers, because they are obliged to pay tax in Italy and they are not guaranteed by the withholding tax for the foreign employer.

The mini-voluntary does not exclude or modify the application of anti-money laundering legislation (Legislative Decree 231/2007). The obliged subjects  (consultants, professionals) must verify and report any suspicious transactions.

Our staff is at your disposal for any clarification.