Italian Tax Authorities Extend Voluntary Disclosure Deadline

Following recent rumors, the Italian tax authorities have now introduced a 'technical' extension of 30 days to the original 30th September 2015 deadline for the country's Voluntary Disclosure programme.

This extension allows more time to submit the explanatory memorandum and other documents which must accompany a Voluntary Disclosure application. In addition, the extension benefits from the new regulatory framework introduced in August 2015 (Decree no. 128/2015), which coordinates the terms offered under the programmme together with any criminal penalties applicable.

Taxpayers may now file a supplementary application within 30 days of the submission of the first form ('istanza'). By way of example, a taxpayer filing the first istanza on 30th September will have until 30th October to submit both a supplementary form and the explanatory memorandum. This new time allowance clearly represents a second chance for late taxpayers. It is important to note, however, that