Italian Disclosure
As September 30, 2015, the deadline for filing for voluntary cooperation approaches, practitioners are facing many unresolved doubts. In this regard, the Tax Administration has tried to respond to the demands of professionals with the recent circular July 16, 2015 No. 27/E , where he addressed, among others, the issue of perfecting the procedure.
In order to join the voluntary cooperation (disclosure) procedure, the taxpayer must:
- indicate spontaneously to the ‘tax authorities, by submitting the appropriate application:
- all investments
- and all assets of a financial nature constituted or held abroad, even indirectly or through intermediaries, providing the relevant documents and information for the determination of the income that was used to constitute or acquire them, as well as the income derived from their disposal or use for any reason, together with the documents and information for the determination of any increased taxable income for the purposes of income tax and related surtaxes, of substitute taxes, IRAP, social security contributions, VAT and withholding taxes, not connected with the assets established or held abroad, with respect to all tax periods for which, on the date of submission of the request, the time limits for the assessment or contestation of the violation of the obligations of declaration referred to in Art. 4, paragraph 1, Decree-Law No. 167/1990;
- Pay the amounts due, based on the invitation referred to inArticle 5, paragraph 1, of Legislative Decree No. 218/1997, as amended:
- by the 15th day prior to the date set for the appearance and in accordance with the further procedures specified in paragraph 1-bis of the same article for adherence to the contents of the invitation,
- or the sums due under the assessment with adhesion within 20 days of the drafting of the act, in addition to the sums due under the act of dispute or the order imposing penalties for violation of the obligations of declaration referred to inArticle 4, paragraph 1, of the decree within the deadline for filing an appeal, pursuant toArticle 16 of Legislative Decree No. 472 of December 18, 1997, as amended.
