Now it's official: Switzerland says goodbye to banking secrecy. The Italian Minister of the Economy, Pier Carlo Padoan, and the head of the Federal Department of Finance of the Confederation, Eveline Widmer-Schlumpf, signed the Protocol amending the double taxation agreement between Italy and Switzerland this afternoon in Milan.
There are two main novelties: first, Rome and Bern will be able to exchange information in the banking and tax fields on all taxpayers in a much simpler way than in the past, with no need for international rogatory letters for suspected crimes (from 2017 the exchange of information will be automatic, while until then it will have to take place at the request of the authorities); second, Switzerland leaves the black list of the Italian Treasury.
"It is a very important agreement in itself, because it eliminates all information barriers between the two countries: it is the end of banking secrecy," Padoan said in recent days.
The negotiations lasted about three years and the definitive signature arrives just in time to allow Italy to make the "Voluntary disclosure”. In fact, the new law establishes that 2 March is the last day to sign tax agreements that allow countries included today in the "black list" to pass into the "white list" and thus benefit from more favorable treatment in terms of of the capitals. Basically, from today whoever spontaneously admits to having illegally exported money to Switzerland will benefit from better conditions in terms of years to be remedied and will pay a halved penalty (at 1,5% instead of 3%).
The promotion from the blacklist to the whitelist it is also good for Switzerland, because it will allow its businesses to operate more easily in Italy. Our country, on the other hand, believes it can recover a real treasure through the fight against tax evasion and "voluntary disclosure". Indeed, Rome estimates that there are around 10 deposits held by Italian citizens in Swiss banks, for a total amount of 130-150 billion, about 70% of the amount parked in tax havens. However, there is no agreement on these numbers: according to Bern, the figure is less than 100 billion, while Kpmg's calculations even speak of 220 billion euros attributable to Italian taxpayers (same amount coming from Germany).
As for the "Voluntary disclosure” in general, the rule establishes that the evader will have to pay all unpaid taxes but will have discounts on penalties and interest, will not incur the penalties provided for tax crimes committed and above all will not be prosecuted for the new crime of self-laundering, which is been introduced in the provision precisely with the aim of giving a boost to emergence.
Payment by the perpetrator of the violations must be made "in a single solution" or in "three monthly installments" and the procedure can be activated by 30 September 2015 for violations committed up to 30 September last. Whoever wishes, at the end of the various operations, will be able to keep the funds in Switzerland, but will have to continue to pay taxes in Italy.
