Advances in cooperation on tax matters between Italy and the Vatican. According to what was announced by the Holy See, the two parties today signed an "agreement" on tax matters, which represents a "new step towards financial transparency".
The agreement provides for the payment of taxes on financial annuities starting from 2014, but, at the same time, confirms the exemption from taxes on the properties of the Holy See, according to "the provisions of the Lateran Treaty", as explained in the note released by the Ministry of the Economy after the signing of the agreement by Minister Pier Carlo Padoan and the Vatican Secretary for Relations with States Paul Richard Gallagher.
The agreement, thanks also to the creation of various institutions "with specific competences in economic and financial matters" at the Holy See, also regulates the "exchange of information between the two parties, guaranteeing "full administrative cooperation also for tax purposes".
The agreement between the Italian State and the Vatican will also allow "the full fulfillment, with simplified procedures, of the tax obligations relating to financial assets held with entities that carry out financial activities in the Holy See by certain natural and legal persons fiscally resident in Italy" .
