Financial Regulatory Forum

Italy tax amnesty yielded 95 billion euros – ministry

By Daniel Flynn

ROME, Dec 29 (Reuters) – Italians have declared 95 billion euros ($136.7 billion) held illegally overseas under a tax amnesty, topping original government forecasts and providing a boost to Italy’s banking system.

The Finance Ministry said in a statement on Tuesday around 98 percent of the money declared under the amnesty had been repatriated to Italy. Analysts estimate repatriated funds have flowed mainly into small- and medium-sized banks.

The amnesty, which expired on Dec. 15 and led to tensions with neighbouring Switzerland, allowed Italians to declare illegally held assets, paying a one-off tax of 5 percent.

The ministry said in a statement a prolongation of the amnesty until end-April, approved by the cabinet this month, would be the one and only extension. Government sources say they expect this to reap a further 30 billion euros.

“The time of tax havens has finished forever,” said the ministry statement. “To place or keep money in tax havens is no longer convenient, neither in economic nor tax terms. The returns are small, the risk is high.”

Italy says considering further tax amnesty

    ROME, Dec 15 (Reuters) – Italy’s government is considering a further tax amnesty following this year’s amnesty, which is scheduled to expire on Tuesday and expected to raise up to 4.0 billion euros in windfall tax revenues. (more…)

Swiss would sign Italy tax treaty if off blacklist

ROME, Nov 5 (Reuters) – Switzerland’s Economy Minister Doris Leuthard, visiting Rome on Thursday in the midst of a dispute over tax policies, said her country was willing to sign a double taxation treaty with Italy but only if it was removed from a blacklist of tax havens.

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Swiss hunt Italian agents as tax row deepens

ROME, Oct 29 (Reuters) – A row between Italy and Switzerland over tax evasion deepened on Thursday with one Swiss region launching a hunt for Italian agents trespassing on its soil as Rome warned against retaliation for its raids on Swiss banks.

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Swiss call in Italian envoy to explain bank raids

ZURICH, Oct 28 (Reuters) – Switzerland has summoned the Italian ambassador to demand an explanation of raids by police and tax inspectors on dozens of Swiss banks in Italy, the Swiss Foreign Ministry said on Wednesday.

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Hidden Swiss funds must return in Italian tax amnesty

SANMARINO/    ROME, Oct 10 (Reuters) – Italians who hold undeclared funds in Switzerland, Montecarlo and San Marino must repatriate them to be covered by a new tax amnesty, unlike other countries and the EU, the Italian tax agency said on Saturday. (more…)

FEATURE-Ancient haven San Marino fights for banking life

Cassa di Risparmio bank, San Marino By Deepa Babington
SAN MARINO, Aug 17 (Reuters) – San Marino has seen medieval intrigue and papal army invasions in its 1,708-year history, but a modern-day banking scandal and blitz on tax havens risks bringing the world’s oldest republic to its knees.
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Italy’s Consob calls for intnl short-selling regulation

   MILAN, July 13 (Reuters) – Italian bourse regulator Consob is calling for international regulation for short-selling, its chairman, Lamberto Cardia, said on Monday.
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