Italy and Liechtenstein have signed a tax information exchange agreement as part of their efforts to combat tax evasion.
The accord was signed by Italy’s economy minister Pier Carlo Padoan and the prime minister and finance minister of Liechtenstein, Adrian Hasler.
Under the agreement, Italian tax authorities will receive tax information about their taxpayers who hold assets in undeclared overseas bank accounts.
The taxpayers will be subject to milder sanctions and criminal penalties if they pay all outstanding taxes within September 2015.
The agreement allows for the automatic exchange of information for tax purposes upon request between the two countries based on international standards by 2017.