In the Senate, SEL, Gruppo Misto, Lega Nord, Ncd, M5s, Fi and Pd definitively approved the transformation into law of the agreement signed on 21 June 2012 between Italy and Luxembourg. The agreement provided for the exchange of information through letters to avoid double taxation on assets and income, preventing fraud and tax evasion.
In Italy, the information shared with Luxembourg will concern Irpef, Irap and Ires. For our partner, however, the law refers to taxes on individuals, companies, wealth and commercial tax.
The joint action of the two states is clearly the result of international pressure aimed at removing power from tax havens, hotbeds of fraud and evasion.
However, there is a provision within the text of the law which leaves ample room for the discretionary power of bank secrecy, establishing that information may be refused "only if it is held by a bank, another financial institution, a agent or a person acting as an agent or trustee".
