After months of waiting, in just a quarter of an hour the Council of Ministers gave the green light to two decrees: one to extend the terms of the Voluntary disclosure and avert theincrease in excise taxes on gasoline (which would have taken place tomorrow), the other on Local societies. This was reported by the Minister of Infrastructure, Graziano Delrio, leaving Palazzo Chigi at the end of the quick meeting which was not attended by Prime Minister Matteo Renzi, still in New York for the UN summit.
The first measure - confirming last week's rumors - causes it to be postponed from 30 September to 30 November the deadline for joining the procedure repatriation of illegally exported capital. The last day to integrate the documentation pass instead from 30 October to 30 December.
"The extension, in the presence of a very large number of pending applications for membership - reads the Government statement -, responds to the need to allow more time to complete the envisaged fulfilments, taking into account the problems of transposition of the necessary documentation, also due to the fact that the acquisition requires the involvement of foreign subjects”.
The postponement, in fact, had been repeatedly requested by accountants and other intermediaries involved in the voluntary disclosure. In recent months, in fact, important delays have accumulated which have discouraged membership. The tax authorities' clarifications on some interpretative doubts, for example, arrived just last month, while it only came into force on 2 September the rule that cancels the doubling of the terms of assessment (thereby halving the cost of resurfacing illegally exported funds).
The second novelty has prompted many taxpayers to adhere to the voluntary disclosure only at the last moment, to the point that just two weeks ago as many as seven out of 10 applications were still on the waiting list and several accountants - given the deadline of 30 September - had to refuse further assignments.
Not allowing many taxpayers to start the procedure, however, would also have been counterproductive for the Treasury, because the State, by renouncing last minute memberships, would have lost the revenue that they would have produced (both the one-time extraordinary one linked to the voluntary , and the ordinary one guaranteed each year by taxes on re-emerged capital).
Read also: "Voluntary disclosure, here is the tax guide"
