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Mini Voluntary Disclosure for Resident in Italy

Maurizio Bottoni's picture

The Italian government has recently approved (Law 4.12.17 n. 172) a mini voluntary disclosure in favor of tax payers resident in Italy (or their heirs) who, previously, were resident abroad or worked continuously abroad in border areas and neighboring countries (so-called border workers). 

These subjects may regularize both fiscal monitoring purposes (RW) that for the purposes of income tax:

  • the assets deposited and amounts held on accounts and on savings held abroad on the date of entry into force of the law conversion of DL 148/2017 arising from foreign income from employment and self-employment;
  • the sums and assets from the sale of real estate held in the foreign country of performance of their work on a continuous basis.

The regularization involves:

  • the presentation of the petition for regularization by July 31, 2018;
  • the payment of 3% of the value of the assets and stock at 31.12.2016 by way of taxes, penalties and interest. The payment must be done by 30 September 2018 or three consecutive monthly installments starting from the same date. The regularization is considered finalized with the payment of the amount due in a lump sum or of the last installment. 

By way of derogation from the rules laid down in the Statute of the taxpayer, the terms to assessment that expire with effect from 1 January 2018 are set at 30 June 2020, with reference to amounts and activities subject to regularization. 

The operative rules of the procedure related to the above mini VD will be approved by the Italian tax office which should also clarify some important points of the special law.

Please contact us for further information and the evaluation of your personal situation.

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Maurizio Bottoni's picture

Maurizio Bottoni is the senior partner of Interconsulting. As a consultant in one of the Big Four he has developed a deep knowledge of the Italian and International tax law, through the involvement in operations and reorganization of multinationals. Extraordinary transactions and international issues are his daily business.