Tax Amnesty
The Italian Finance Minister, Giulio Tremonti, at his
year-end new conference has declared that the “Scudo Fiscale”
(Tax Amnesty) has succeeded in unearthing more than 80
billion euro. The majority of Italian funds are held in
Swiss bank accounts, and these banks are now complaining
bitterly at what they describe as intimidation by the
Italians.
The figure, which equates to approximately five percent of
the Italian GDP, establishes a record haul Italian overseas
tax amnesties. The generous terms and anonymity guaranteed
by the amnesty have ensured its success and put Italy ahead
in the table of European countries operating such an
amnesty. Italians are under no obligation to repatriate
their funds, and so most of the money is likely to remain
abroad.
According to estimates by the Bank of Italy, Italians hold
around five hundred billion euro in undeclared funds outwith
Italian territorial confines.
In the past, a previous Berlusconi government managed to
turn up 78 billion euro during an amnesty in 2002-03 and
subsequently 100 billion was uncovered in a further amnesty.
Tremonti went on that fiscal havens have had their day,
confirming that the Italian crackdown on tax havens was part
of a global tightening-up on fiscal evasion and that in the
future relations with Swiss banks must see an end to banking
secrecy.
The tax amnesty was originally due to have expired on 15
December, but was prorogued to the end of April, due a a
late rush in applicants.
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Italian Finance Minister announces success
of Tax Amnesty