Since last Monday, August 21, 54 countries have said goodbye to banking secrecy, the automatic exchange of information on tax matters at a transnational level. The transition process will end in September, when another fifty countries, including Switzerland, will enter the exchange regime.
Private savers will no longer be able to rely on the confidentiality of banks and financial intermediaries abroad. Furthermore, national tax authorities will be able to communicate freely with each other, exchanging information that until a few days ago was considered confidential.
All that concerns personal details of the holders, balance and account number and rates of return will be communicated by the bank to the tax agency of the country in which the credit institution is based, the Agenzia delle Entrate in Italy.
Before 21 August, all financial operators in countries adhering to the fiscal globalization process had to send to their respective tax administrations all relevant data on bank relationships held for 2016.
The next deadline is 18 September, by which financial operators will have to register in the "Fatca/Crs" section of the Electronic Register of Addresses (Rei) within the Tax Registry.
The farewell to banking secrecy is closely linked to the need to limit the phenomenon of tax evasion and the use of so-called tax havens.
