Voluntary disclosure bis: new software for calculating penalties

The Revenue Agency has published a circular with the latest clarifications and above all has released the definitive version of the software to calculate the penalties - The list of tax havens admitted to the procedure is getting longer

Voluntary disclosure bis, finally here we are. The Revenue Agency has published a circular with instructions on how to access the new voluntary collaboration procedure for the repatriation of capital illegally held abroad. And above all, the final version of the sanction calculation software has been released.

TIMES

Taxpayers who decide to spontaneously remedy the omissions and irregularities committed up to 30 September 2016 - explains the tax authorities - can avail themselves, by 31 July 2017, of the reopening of the terms for accessing the voluntary disclosure bis.

There is time until 30 September 2017, however, for the integration of requests, documents and information. With the circular n. 19/E, the Revenue Agency provides clarifications on how to access the voluntary diclosure bis, introduced by Legislative Decree no. 193 of 22 October 2016.

THE NEW SOFTWARE

Interested parties will be able to spontaneously pay the sums due (by way of taxes, penalties and interest, by 30 September 2017). The Revenue Agency clarifies that it is possible to divide the payment into three equal monthly installments and that, in this case, the payment of the first installment must be made by 30 September 2017.

The Agenzia delle Entrate has made available on its website software that allows you to independently calculate the amounts due to the tax authorities. The procedure also provides the information necessary for completing the F24 payment form.

THE LIST OF ALLOWED “PARADISES” IS LONGING

The facilitations provided for by the voluntary disclosure bis are also available to taxpayers who hold investments or financial assets in so-called black-listed countries that have signed particular information exchange agreements that entered into force before 24 October 2016.

Therefore, compared to the previous edition of the voluntary disclosure, Guernsey, Hong Kong, the Cayman Islands, the Isle of Man, the Cook Islands, Jersey and Gibraltar have also been added to the list of countries.