 |
|
|
 |
|
| |
|
| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
| Offshore Trusts
Guide: OTG publishes news, features and newsletters on the use of
offshore trust structures. |
| TreatyPro: Online
tax treaty resource. |
|
|
| Revenue Agency Puts Italian Funds Abroad At EUR300bn |
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, October 01, 2009
At a meeting organised by the Italian Revenue Agency, it was estimated that
the total of undeclared assets held by Italians abroad amounted to almost EUR300bn
(USD435bn).
Of that amount of undeclared assets outside of Italy, however, it was disclosed
that some EUR125bn and EUR86bn could be found in Switzerland and Luxembourg,
respectively. It was said that EUR2bn of Italian funds were currently deposited
in San Marino.
The Agency also made it clear that the current tax amnesty provided
the last opportunity for Italians to put those funds in order domestically,
and it re-emphasised that all financial intermediaries were also now legally-bound
to report all external operations. The detailed version of the tax amnesty’s
regulations would be available shortly, with the final date for using its terms
fixed at 15 December 2009.
Attilio Befera, General Manager of the Revenue Agency, said that Italians with
undeclared assets abroad were beginning to realize that there was now no secure
and confidential foreign hiding-places for any such funds. The representatives
of other institutions at the meeting, particularly those from financial and
accounting bodies, also made it clear that the working together of all of the
interested parties was rendering the current action in Italy against tax evasion
especially efficacious.
At the same meeting, it was disclosed by the Guardia di Finanza (Financial
Police) that they currently had 1,000 active cases concerned with international
tax avoidance (and unconnected with the tax amnesty). Those cases involved the
bogus transfer of residency abroad, both of individuals and companies; the presence
in Italy of subsidiaries of foreign multinational companies, undeclared to the
Italian tax authorities; and examples of transfer pricing to transfer profits
from Italy to other countries with more favourable tax regimes.
A comprehensive report in our Intelligence Report series,
examining in depth the situation of offshore transparency and secrecy in a number
of the most prominent jurisdictions, is available in the Lowtax Library at
http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report2.asp
|
|
|
|
| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
FREE TRIAL NEWS SUBSCRIPTION
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
|
|
 |
|
LAWANDTAX-NEWS.COM
