Historical understanding Italian-Swiss banking secrecy there ‘more’ – AGI – Agenzia Journalistic Italy

Historical understanding Italian-Swiss banking secrecy there 'more' – AGI – Agenzia Journalistic Italy

Economy

09:26 February 24, 2015

(AGI) – Rome, February 24 – Farewell to the bank secrecy between Italy and Switzerland, the two governments signed the agreement yesterday that puts a definitive end to banking secrecy in the transalpine country.
The historic agreement, signed in Milan after three years of negotiations by the Secretary of the Treasury Pier Carlo Padoan and his Swiss counterpart, Eveline Widmer-Schlumpf, provides for the exchange of information between the two countries, automatic from 2017 and allows Switzerland to get out of the ‘black list’ of countries considered tax havens. Concretely, the authorities’ fiscal Italian can now request information to Switzerland, causing spontaneous regularization of capital held illegally. Taxpayers will be able to heal the irregularities ‘paying full taxes due, as required by law on’ voluntary disclosure ‘, taking advantage of a penalty system more’ convenient. E ‘was also signed a road map on the taxation of cross-border workers and the issue of Champion of Italy. Padoan called the agreement “a very important step forward, the result of a job that lasted very long, complex and difficult. We signed two texts, one legal subject to ratification by Parliament, on the exchange of information and a political document, a ‘road map ‘on the treatment of frontier workers and on the issue of Champion of Italy.
The agreement, therefore, according Padoan “goes in the direction of the elimination of tax havens: there are other tax havens but this agreement goes in the direction of their elimination. For them will be ‘less and less convenient and more’ hard to resist the exchange of information and will be ‘less convenient to turn to these countries. “Among the countries with which Italy and’ ready to sign similar agreements on access to bank data Italian citizens there ‘Liechtenstein, said Padoan. The agr eement will be’ signed on 26 February, so before the deadline of March 2 fixed by law to adhere to the voluntary disclosure. No prediction instead by the Minister of Economy on effects that the agreement will have ‘on the public finances of Italy, although the prime minister, Matteo Renzi, speaks of “billion euro” that tornerano state coffers thanks cartel. “There will be benefits for public finances Italian – said Padoan – but also benefits to more ‘long term’ cause we introduce a plot of transparency between the taxpayer and the administration, to handle the tax issue in a more ‘friendly’. According to the Minister of Finance in Switzerland, Widmer-Schlumpf , “today and ‘an important day for the bilateral relations between Italy and Switzerland. Despite the differences of the past years now we close, bilateral relations will benefit from a new impetus and confidence. “The agreement must  216;now be ratified by the parliaments of the two countries to enter into force within two years.

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