La Voluntary disclosure it becomes even more convenient and between now and September the government could collect up to 3 billion euros. Il Messaggero writes today, explaining that the Executive expects a surge in requests to adhere to the procedure for the repatriation of illicitly exported capital. The increase should come thanks to a change in the legislation made last month, i.e. the doubling of the terms of assessment.
“In extreme synthesis – explains Fabrizio Vedana, deputy director general of the trust union, in an interview with the Roman newspaper -, it is a substantial discount for those who bring the money back to Italy. The voluntary is not an amnesty, because to regularize the capital it is necessary to pay all the taxes evaded. The only discount is on penalties and interest”.
Taxes, however, “must be paid only on the periods for which the tax authorities can carry out checks – continues Vedana -. Until July, with the old rules on doubling terms, it was possible to go up to 8-10 years behind. With the limitation introduced, however, the tax authorities will be able to ask for back taxes only for the last 4-5 years. In practice, the price for bringing out capital has halved”.
It is not excluded that the Government, in order to further increase the proceeds of the voluntary disclosure, decides to postpone the deadline for joining the procedure from 30 September 2015 (on violations committed up to 30 September 2014) to the end of the year.
Also read: "Voluntary disclosure, here is the tax guide"
