As part of the recently installed Italian government’s somewhat controversial “amnesty programme” a number of ongoing Italian tax assessment, investigation and litigation proceedings can be settled at a discount. Also worthy of notice is the programme to enable taxpayers to present supplementary returns amending errors or omissions in returns filed up to 31 October 2017. A 20% substitute tax generally applies to the additional reported income/profits declared. This procedure may also be advantageous for taxpayers who have failed to disclose non-Italian assets in section RW of the return, permitting disclosure of assets with payment of a much smaller amount that would otherwise be due under the standard penalty regime.
Should you require any assistance with your personal or business tax, please reach out to our experts
Leave a Reply