Italian Taxation of Individuals

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Italian prosecutors have obtained the list of the bank account holders at the Swiss branch of HSBC. The list has been delivered by the French prosecutor and is said to contain 7,000 names of Italian customers with potentially unreported foreign bank accounts. The list includes a total of 120,000 names.…

Italy’s tax administration announced stricter controls on tax refund applications filed on behalf of nonresident persons, and sent a notice to various banks acting as intermediaries in which it requested more information in order to avoid abuse and treaty shopping. As a result, banks may be compelled to identify and disclose information about clients and final beneficiaries of the refund.…

Italy’s tax administration issued a guideline according to which all foreign assets must be reported in Italy, including personal assets (such as vacation homes, yachts, jewelery) that do not generate any foreign income taxable in Italy. The new guideline is part of a general reinforcement of foreign assets reporting rules adopted in connection with the enactment of the new tax shield, which enables taxpayers to declare unreported foreign assets and income and pay a reduced tax (4 percent, increased to 5 percent for disclosure returns filed by February 28 and 6 percent for disclosure returns filed by April 30).…

In connection with the enactment of its own tax amnesty (which permits the repatriation or regularization of undeclared foreign investments with the payment of a very generous 5% flat tax on the fair market value of the undeclared assets), Italy is cracking down on tax havens, especially those across the border such as Switzerland, Liechtenstein…