Italy and Vatican have signed a convention in tax . This was announced by the Ministry of Economy . The agreement, signed by the Secretary for Relations with States of the Vatican, Paul Richard Gallagher, and the Minister of Economy, Pier Carlo Padoan, provides for the exchange of information from 2009 and the possibility of regularize with the repatriation of capital . The agreement also contains rules on the exemption of the property of the Holy See , which transpose the provisions of the Lateran Treaty. “The reforms introduced since 2010 and the creation of the Holy See institutions with specific expertise in economic and financial matters – is written in the note – today allow full administrative cooperation also for tax purposes. As part of the special importance of the bilateral relations, the ‘Italy is the first country with which the Holy See signs an agreement governing the exchange of information. ” The Ministry of Economy explains that “in line with the ongoing process towards the establishment of global transparency in the area of financial relations, the Convention incorporates the latest international standard on exchange of information (Article 26 of the OECD Model ) to regulate cooperation between the competent authorities of both Contracting Parties. The exchange of information will cover the tax years from 1 January 2009 “. The Convention – is further explained – “allow full compliance with simplified procedures, tax obligations related to financial assets held by financial institutions carrying on activities in the Holy See from some natural and legal persons resident for tax purposes in Italy. The same subjects will have access to a procedure of regularization of the same activities, with the same effects set by Law n.186 / 2014 “, in practice under the law for the regularization of capital held abroad known as “return of capital”. The Convention – the statement concludes – implement, moreover, the provisions of the Lateran Treaty concerning the exemption from tax on the buildings of the Holy See indicated in that Treaty. Finally, the Convention is integrated into the Exchange of Notes of July 2007 between the Ministry of Foreign Affairs and the Secretary of State, which provides for notification through diplomatic acts to tax authorities of the Holy See. Agreement will also cover employees – will also cover employees and retirees of the Vatican, who receive pensions and emoluments at the IOR , the tax agreement signed today between Italy and the Holy See. And ‘as explained Msgr. Paul Richard Gallagher, Secretary for Relations with States, the Osservatore Romano: “One area not least regards the number of employees of the Holy See and the State of Vatican City, as well as all pensioners of these institutions, which receive at the Institute for Works of Religion payment of their salaries or pensions. Even for them is provided access to tax simplification. ” Padoan, Vatican push to voluntary disclosure agreement – The agreement between Italy and the Vatican on taxes “is an important step forward”, which continues on the path of fiscal transparency and “strengthen the mechanism of voluntary disclosure.” The Minister of Economy, Pier Carlo Padoan, commenting on the agreement announced today with the Holy See. “Italy – said – is the first country with which the Vatican does an agreement of this kind.”
Source: Ansa.
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