Italy has restarted negotiations with Switzerland over the taxation of Italian assets held in Swiss bank accounts to avoid higher tax rates.
Fabrizio Saccomanni, Economy Minister, said that talks were put on hold before the Italian elections in February and he has met his Swiss counterpart to discuss the issue and negotiations were ongoing.
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According to sources, Rome is considering new rules on fiscal treatment of Italian funds protected in Switzerland which could bring as much as 15 billion (CHF18.5 billion) back to Italy.
The valuation is based on an assessment by Swiss authorities that Italians have placed some 100 billion of funds in the country to avoid taxes at home.
According to Swiss government, Italians holding money in a Swiss bank account without declaring it in the Italian authorities is considered to be illegal even if they pay Swiss tax on the deposit.
The Italian government is also seeing at incentives to warn Italians from shifting their savings outside the country and encourage those already holding money in Switzerland to come forward and declare their assets.
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By GlobalData
