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.”

Italian tax amnesty seen best yet, estimated at 100 billion euros

Italy's Economy Minister Giulio Tremonti attends a signing of government and commercial agreements between Italy and Turkmenistan at the Chigi Palace in Rome November 25, 2009. By Ian Simpson and Lisa Jucca

MILAN/ZURICH, Dec 4 (Reuters) – Italy’s tax amnesty is set to be the country’s most successful yet with a carrot-and-stick approach resulting in the return of more than 100 billion euros ($151 billion) stashed abroad, analysts estimated.

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U.S. offshore tax amnesty yields big response – IRS

U.S. Internal Revenue Service (IRS) Commissioner Douglas Shulman speaks during an interview with Reuters at his office in Washington October 8, 2009. REUTERS/Hyungwon Kang By Kim Dixon
WASHINGTON, Nov 17 (Reuters) – Some 14,700 rich Americans worried about a U.S. government crackdown on offshore tax cheats came forward to participate in a tax amnesty program, the top U.S. tax official said on Tuesday.

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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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FACTBOX-Tax amnesties around the world

    Oct 15 (Reuters) – A U.S. voluntary disclosure programme that helps wealthy Americans avoid criminal prosecution when disclosing secret offshore bank accounts expires on Oct. 15. (more…)

7,500 offshore tax evaders come clean – U.S.tax chief

U.S. Internal Revenue Service (IRS) Commissioner Douglas Shulman speaks during an interview with Reuters at his office in Washington October 8, 2009. To match interview TAX-OFFSHORE/        REUTERS/Hyungwon Kang  (UNITED STATES CRIME LAW BUSINESS POLITICS) WASHINGTON, Oct 14 (Reuters) – Thousands of wealthy Americans have volunteered information about unreported income hidden in overseas accounts ahead of the deadline for a U.S. government tax amnesty program, the U.S. tax commissioner said on Wednesday.

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Ex-Boeing manager pleads guilty in UBS tax case

The logo of Swiss bank UBS is seen at the company's office at the Bahnhofstrasse in Zurich July 1, 2009. UBS could still settle a damaging U.S. tax case even though Washington is pushing ahead with a lawsuit to force the Swiss bank giant to identify clients, the Swiss Finance Minister said.   REUTERS/Arnd Wiegmann (SWITZERLAND BUSINESS IMAGES OF THE DAY) By Kim Dixon
WASHINGTON, Oct 5 (Reuters) – A retired sales manager for airplane maker Boeing Co on Monday pleaded guilty to hiding nearly $2 million in Swiss UBS AG accounts, as the United States pursues Americans illegally stashing funds abroad to avoid taxes.

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UBS warns US clients as tax amnesty deadline nears

The logo of Swiss bank UBS is seen at the company's office at the Bahnhofstrasse in Zurich July 1, 2009. By Kim Dixon
WASHINGTON, Sept 18 (Reuters) – UBS AG has formally warned wealthy American clients that secret Swiss accounts may be revealed to U.S. tax authorities after the Wednesday expiration of an amnesty program that could give them immunity from prosecution.

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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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