Swiss Accounts under Italian Tax Authority’s investigation
In the coming weeks, the Italian Tax Authority will receive, under the Agreement on Exchange of Information on Tax Matters between Italy and Switzerland dated March 2nd, 2017 which implemented the article 27 of the Italian-Swiss DTT, the data of the Swiss Financial Institutions’ Italian clients which did not provide appropriate assurances on the fiscal regularity of their deposits and bank accounts.
The group request concerns the holders’ data with accounts opened between February 23rd, 2015 and December 31st, 2016.
Non-complying Italian taxpayers are running short on time, therefore, to decide whether to cooperate with the Tax Authority, declaring voluntarily the values through the “active repentance procedure” (c.d. ravvedimento operoso), and thereby benefit from the reduction of the administrative sanctions and the criminal impunity for hypothesis of omitted annual tax return or unfaithful declaration and omitted payment of direct and indirect taxes, also in the event of fraudulent misrepresentation by use of invoices for non-existent operations.
Our staff is available for any further clarification.