New Countries Eligible For Italy's White List

In the Official Gazette No. 195 of 22 August 2016, the Italian Government published the Ministerial Decree of 9 August 2016 (the "Decree") that amended the list of countries and territories "allowing an adequate exchange of information with the Italian Tax Authorities" contained in the Ministerial Decree of 4 September 1996 (the so-called "White List").

The Decree broadens the White List to include 51 new countries and introduces a new provision giving the Italian Ministry of Economy and Finance the right to remove from the list those countries that are not compliant with exchange of information obligations, in case of repeat violations. In particular, among others, countries such as Switzerland, Hong Kong, Bermuda, Cayman Islands, British Virgin Islands, Jersey e Guernsey have now become whitelisted (sup>1).