The EU Parliament is to discuss the possibility of EU membership for citizens of countries that vote to leave the EU. A proposal was made by an MEP in Luxembourg.
The idea is to guarantee those who want the same rights as full EU citizens, including the right of residence in the EU, to be able to vote in European elections and be represented by an MEP.
I have to admit that the proposal sounds a nice idea but I don’ t see it being accepted.
Human capital will be a big political maneuvering tool in the BREXIT negotiations and if they offered any UK citizen the opportunity to have EU rights then I don’t see how this would aid the UK’s bargaining position. Equally, it may be a incentive for other EU countries to vote to leave as well.
I will follow developments and report them as they arise…
SANCTIONS FOR UNDECLARED ASSETS IN ITALY
This is a subject which I haven’t touched on for some time. What are the penalties for undeclared, and subsequently discovered, assets for residents of Italy?
The penalties for non declaration range between 3% and 15% of the value of the asset, plus any fines for late payment. The percentage is determined by the investigating tax officers depending on the gravity of the misdemeanour.
If you have undeclared money in tax privileged regimes or countries where there is not an adequate exchange of fiscal information then the sanctions are doubled: 6% – 30%, plus fines for non declaration.
This is relevant given the automatic exchange of financial information which is now in force under the OECD Common Reporting Standard.
I know that a number of you have been receiving letters from non ItalIan banks asking you to quote your Tax Identification Numbers (TIN) for reporting purposes. This is your Codice Fiscale for Italian residents. By completing this letter it allows the foreign financial entity to report your information, automatically, to the Italian authorities.