The end of banking secrecy
Swiss tax Info-sharing agreement signed on Monday
Matteo Renzi has tweeted how “billions of euros” can now return to the Italian State, thanks to his signature on an agreement with Swiss authorities on Monday February 23.
Italy and Switzerland have now formally agreed to exchange taxpayer information, as is already the case today between many other countries. This will effectively take Switzerland off Italy’s blacklist from last Monday, and end Swiss bank secrecy for Italian residents.
It is believed that around 85% of assets held by Italians outside of Italy, are in Switzerland (source: Il Sole 24ore)
The agreement comes after the announcement of a new Voluntary disclosure program applying from January 1st for Italian taxpayers.
As part of the new Voluntary Disclosure Program, Italian residents with Swiss bank accounts can voluntarily disclose their accounts and pay outstanding past taxes due related to the last 5 years, incurring less penalties than they otherwise would, and potentally relieving them of obligations to tax, related to the years 2005 to 2009. These concessions can only be obtained if disclosure is made via a commercialista before the deadline in September 2015.