EU Council of Finance Ministers approved new draft legislation reinforcing exchange of tax information for contrasting tax evasion throughout the EU. The directive shall eliminate the banking secret and ultimately starting from 2015 the exchange of information will be automatic in several areas of tax law which fall within the scope of the directive.
Continue Reading EU Council of Finance Ministers Adopted New Draft Legislation on Exchange of Tax Information

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