MILAN (Reuters) – Italy and Switzerland signed Today the tax agreement, according to the government sanctioning of Matteo Renzi the “end of banking secrecy,” the main obstacle to the fight against international tax evasion. The agreement takes the form of a Protocol amending the Convention between the two countries to avoid double taxation and provides for the exchange of information on request, according to the OECD standard. Rejoice the Italian prime minister, who speaks on twitter of” billion euro “that will flow to state coffers thanks to the ‘voluntary disclosure’, the procedure for the emergence of capital illegally held abroad. The Treasury estimated that tax evasion subtract the state 91 billion l ‘year. The Italo-Swiss agreement was signed in Milan Finance Minister Pier Carlo Padoan and Federal Councillor Eveline Widmer-Schlumpf. Italy will sign a similar agreement with Liechtenstein by Monday, March 2. The signature makes Bern a country ‘white list’ for the ‘voluntary disclosure’. Who has hidden capital in the Swiss cantons will then come into compliance benefiting from a penalty system more convenient. With the ratification of the Protocol by the two Parliaments Switzerland” will also be excluded from the black list based solely on the lack of information exchange, “said the Treasury in a statement. The two countries also signed a ‘roadmap’ outlining the path to find the ‘ Understanding on other nodes still to be resolved: the border, the other black list which contains Switzerland, unrestricted access to banks and Swiss companies on the Italian market and the regime of Champion of Italy. On the first point, today the Italian workers who cross the border are subject to “taxation exclusively in Switzerland with a rebate of 40% of revenue to municipalities Italian border. ” More …
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