ITALY BECOMES RICHER WITH THE EXCHANGE OF INFORMATION

A study realized by Italian Court of Audit have been ascertain that the exchange of information has allowed to collect one million euros, as recovery of unpaid taxes.

This is the result of a first test, by means of which 7’000 letters of compliance have been delivered by the Fiscal Authority (Agenzia delle Entrate) to Italian tax payers for whom have been ascertained declarative anomalies, regarding year 2016, respect the banks communications (for example, the omitted indication of financial activities and investments held abroad, in the RW framework of the tax revenue).

This test ended with 1130 supplementary declarations and 1277 payments with the F24 form.

This result is considered positive by the Italian Authority, which attributes to the exchange of information the role of an efficient instrument with the purpose to verify the declarations supplied by tax payer and, consequently, the exact tax subjection of foreign income.

The same or greater result is expected for the years 2017 and 2018, because the increasing of the number of jurisdictions that support this exchange of information.

It is important to introduce new common standards aimed to identify the procedural phases significant for the verify and acquisition of information. In order to balance exchange speed and the protection of personal data.

Our staff remains available for any clarification.