Italy and Switzerland are to establish a working group to thrash
out the financial and tax issues existing between the two
countries.
The two governments aim to sign a treaty to regularise Italian
undeclared assets held in Swiss banks and to implement a
withholding tax on related future income.
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As part of the talks’ process, a meeting between the Italian
Premier Mario Monti and the President of the Swiss Federation
Eveline Widmer-Schlumpf will be held soon.
According to the Italian internal revenue service, Agenzia delle
Entrate, Italian deposits held in Swiss banks amount to about
€150bn ($194bn).
Recent agreements with other EU countries
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By GlobalDataThe Italian agreement is similar to treaties the Swiss
government has signed with other European countries, including
Germany, Britain and Austria.
The general pattern of these agreements requires Swiss banks to
collect the tax imposed on undeclared assets and to pay the amount
directly to countries’ fiscal authorities, preserving clients’
anonymity.
Italy’s previous capital repatriations
This is the Italian government’s third attempt to regularise
undeclared capitals, kept abroad by its residents, in the past 10
years.
In 2002 and in 2009, through two tax amnesties, the Berlusconi
government repatriated €52bn and €95bn in assets respectively, 60%
of which were held in Switzerland.
