Italy is set to launch a voluntary disclosure programme, targeted at urging taxpayers to declare foreign undisclosed assets and funds.
The new programme will enable Italian-resident taxpayers to normalise their relationship with tax authorities until 30 September next year, which is line with similar programmes such as Liechtenstein Disclosure Facility, reports International Adviser.
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However, the new programme’s differentiating aspect is that in this case, Italy’s proposal will be extended to facilitate corporate entities, trusts, and non-commercial entities participate alongside individuals.
This aspect has been launched with the aim to allow individuals with assets in non-commercial entities to make a full disclosure of their undeclared assets, cites Giulia Cipollini, head of tax, Italy, at international law firm Withers.
Moreover, the new programme will help individuals and businesses unveil their undisclosed onshore as well as offshore assets.
After being initially proposed in January 2014 and redrafted in May, the programme is finally scheduled for launch by the end of this month.
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