After three years of intense negotiations, on 15th January 2015
representatives of the Italian and Swiss Governments signed an
agreement which spells the end of banking secrecy.
The Agreement will remove Switzerland from Italy's blacklist
and therefore help to boost Switzerland's economy.
The signing of the Agreement coincides with the introduction of
a new voluntary disclosure programme in Italy along the lines of
existing programmes in the US and the UK. The Agreement will enable
Italian taxpayers to apply for the new voluntary disclosure
programme under the same terms as taxpayers who hold undeclared
assets in whitelist jurisdictions.
The document aims at simplifying and strengthening the exchange
of information between the two countries, covering all types of
taxes. The request can relate to individual taxpayers as well as
groups of people/companies etc. if their behaviour is deemed as
irregular and, therefore, elusive.
Ratification of the Agreement is expected to take place in
mid-February, and in any case before the 2nd March deadline
required by the provision on the repatriation of funds. The
agreement is, therefore, a crucial step in the fight against
international tax evasion.
Monaco and Liechtenstein would seem, according to the latest
rumours, also close to the signing of similar agreements. On the
contrary, agreements with countries such as Singapore and Jersey do
not appear to be near to finalisation.
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about your specific circumstances.
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