A success higher than expected for the Voluntary disclosure, the window closed on 30 November which made it possible to declare capital illegally held abroad, receiving "lighter" penalties than those provided for by law.
The procedure recorded almost 130 accessions which brought out 60 billion euros of capital of which the tax authorities knew absolutely nothing. The revenue expected from the voluntary adhesion procedure therefore exceeds 4 billion, a higher figure than that indicated by the Government in its forecast, equal to 3,4 billion euros.
The money recovered will go to replenish the public accounts, with an effect greater than the initial expectations of 5-600 million which will be used "to cover the necessary interventions", said Luigi Casero, undersecretary during the press conference, in which he defined the voluntary disclosure "a best practice to be pursued".
Going into detail, the 4 billion recovered from the tax authorities are made up of 704 million in income taxes, 1,2 billion in substitute taxes, 54 million VAT, 34 million IRAP, 15 million withholding taxes and 96 million contributions. Obviously, the penalties relating to the violation of the regulation on tax monitoring equal to 1,379 billion and other penalties for over 322 million must be added to the list.
Based on the results it was possible to identify also the countries of origin of these capital held abroad. Switzerland "wins" with 69,6%, followed by the Principality of Monaco (7,7%), the Bahamas (3,7%), Singapore (2,3%), Luxembourg (2,2%) and San Marino ( 1,9%).
As regards the timing of applications, however, of the 129.565 applications received by the Revenue Agency by 30 November 2015, 63.251 were presented by 30 September and 66.314 from 30 October to XNUMX November, the last day to adhere to the procedure.
Out of the total number of applications submitted, more than 28 have to do with activities for a total amount between 300 and 3 million; about 23 relate to amounts between 60 and 150 euros, while the highest bracket, that concerning assets exceeding 15 million euros, recorded the arrival of 326 requests. 49% of the requests concern Lombardy, 13,46% Piedmont.
