After Switzerland e Liechtenstein, Italy today also signed a tax agreement with the Principality of Monaco. The agreement once again concerns the exchange of information which, in fact, ends banking secrecy in the foreign state and allows you to strengthen the fight against cross-border tax evasion. This was communicated in a note by the Ministry of Economy, specifying that the signatories of the agreement were the Italian ambassador in the Principality of Monaco, Antonio Morabito, and for Monaco the Minister for Foreign Affairs and Cooperation, Gilles Tonelli .
The agreement is based on the OECD model of Tax Information Exchange Agreement and allows for the exchange of information upon request. The State from which the information is requested cannot refuse to provide the requesting State with administrative collaboration due to lack of interest for its tax purposes, nor oppose banking secrecy.
Also signed a protocol governing group requests, which will make it possible to submit requests in relation to categories of behavior that "give the intention of taxpayers to hide assets/activities illegally held in the Principality of Monaco from the Italian tax authorities". The agreement on the exchange of information and the Protocol will apply after ratification by the parliaments of the respective countries and may concern elements existing at the date of signing of the agreement.
With this signature, the Principality comes off the black list of the Italian tax authorities, which will allow "Italian citizens who illegally hold assets/assets in Monaco to access the regularization procedure (voluntary disclosure, ed) under the most favorable conditions provided for by law (payment in full of the taxes due and reduced penalties)".
