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ARTICLE · 28 NOVEMBER 2016

Second Version Of The Italian Voluntary Disclosure Programme

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On 24th of October the Italian government published the second version of the Italian voluntary disclosure (VD) programme under art.

ItalyTax
Giulia Cipollini
Giulia Cipollini
Giada Mazzola
Giada Mazzola
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On 24th of October the Italian government published the second version of the Italian voluntary disclosure (VD) programme under art. 7 of Decree-Law no. 193/2016.

In the same fashion as the first VD, introduced in 2014, this measure is aimed at Italian tax residents holding assets abroad that have not been disclosed to the tax authorities. Moreover, it involves the disclosure of cash held in Italy: thus, this law allows Italian taxable entities and individuals to regularize their assets by reporting them to the Italian Revenue Agency. As mentioned below, this program provides the applicants with some benefits. In contrast, no fiscal advantage is granted to those who regularise 'national assets', namely undisclosed cash held in Italian safe deposit boxes.

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