'Encore' voluntary disclosure 2017 -- time to come clean

 ROME -- With the new Stability Act of 2017, the voluntary disclosure “bis” 2017 has been re-opened - a tool available for taxpayers wishing to come into compliance with the Italian tax authorities concerning  undeclared capital. The first edition of the voluntary disclosure procedure, according to data provided by the tax authorities, led to the submission of 129,565 requests for the return of capital from abroad, for a total emergence of nearly 60 billion Euros and revenue of 3.8 billion.

 What exactly is the voluntary disclosure “bis” 2017?  

 It is the new edition of the procedure provided for under the new Budget Law  2017, which allows taxpayers to regularize their tax position by disclosing assets that were not declared in the period 2010-Sept. 30, 2016.  It is not only the assets held abroad that are of an interest to the tax authorities, however, but also cash and valuables that are stored in safe deposit boxes or at  home.

 Deadline is July 31, 2017. 

 How does the voluntary disclosure work? 

 Very simply, the person admits to having unlawfully transferred abroad or to a safe deposit box (even if in Italy) financial capital or property without declaring them to the tax authorities, and the Italian State gives a discount on penalties, while the taxes and the interest due on capital repatriated from abroad are paid in full. 

 The voluntary disclosure, however, does not erase any possible crimes, including money laundering. If the Revenue Agency has doubts as to the veracity of the taxpayer’s disclosures, it may refuse the voluntary disclosure application, and open an investigation. 

 How can you take part in the voluntary disclosure program? 

 The individual interested in coming into compliance with tax laws must provide the Revenue Agency with a self-declaration that indicates the origin of the sums that he/she wishes to disclose. 

 In this connection, it is very important to make use of expert consultants who can aid the taxpayer, because in the case of false voluntary disclosure statements, an investigation may be opened and the person can  be punished with up to six years in prison.

 For more information, contact:





 Via G. Mercalli 13, 00197 Rome - main entrance 

 Via G. Antonelli 18, 00197 Rome - secondary entrance 

 ITALY www.oadvisory.com 

Manuela Stefoni at OAdvisory