Press Room: Tax Release

October 27, 2014

Italian Government Drafts Law on Voluntary Disclosure and Money Laundering

On October 10, 2014 the Finance Commission of the Italian Chamber of Deputies approved the text for Voluntary Disclosure and Money Laundering. The Draft Law (DdL) was also voted on by the Chamber of Deputies at the end of last week, with subsequent passing to the Senate for the second reading and final approval. Noda Studio, a member of the Andersen family in Italy, has written a summary of the Draft Law which discusses the following:

Voluntary Disclosure – Those Who May Make Use of It

Subjects with activities or assets abroad or in Italy that they have failed to declare, may rectify their position with the Inland Revenue Service, by paying the taxes due and reduced fines. Voluntary Disclosure excludes punishment for the following tax crimes:

  • Fraudulent returns by using false invoices or other false documents
  • Misleading tax returns
  • Failure to submit a tax return
  • Failure to pay in retentions
  • Failure to pay VAT

This exclusion of punishment also extends to collaborators in the crime.

Applications to provide Voluntary Disclosure may not be made if they are submitted after the person responsible has become aware that auditing activities have begun. Voluntary Disclosure may be made up to September 30, 2015, to cover violations committed up to September 30, 2014.

Money Laundering – New Features of the Italian Penal Code

One new feature of the Draft Law is the addition to the penal ordinance of the crime of Money Laundering. This provision will introduce a new imposition. A further amendment provides for extending Money Laundering to cover administrative responsibility for companies.

Your Italian business may want to evaluate the impact of the Draft Law. Click here to read the Noda Studio summary. If you have questions, contact your Andersen Tax engagement team or the Noda Studio author, Francesco Marconi (Tel: +39 02 48 10 04 71).

Noda Studio is an international tax consulting firm with offices in Milan, Rome, Venice, and Brescia. To learn more about Noda Studio, visit www.studiodevecchi.com.