From Italy Europe24

Italy’s voluntary disclosure in search of a second chance: Set by the Italian Revenue Agency a new round of fiscal clarification and guidance. With a technical note, Circular n.19/E, published yesterday, Revenue Agency has provided further clarification on how to access the Voluntary Disclosure introduced, in its second version, by Decree n.193/2016.

To be more specific, the regulatory changes introduced by decree allow some benefit extensions, under the voluntary cooperation procedure, for taxpayers who hold investments or financial activities in so-called black listed States that have entered into specific information exchange agreements, pursuant to Article 26 of the OECD model or conforming to the TIEA one, which entered into force before October 24, 2016.

Thereby — reads a Revenue Agency’s press release — the above list of countries has been expanded so that to benefit from further reductions in sanctioning measures as well as the failure to apply the doubling of deadlines for the detection and rejection of violations of fiscal monitoring obligations.

Guernsey, Hong Kong, Cayman Islands, Isle of Man, Cook Islands, Jersey and Gibraltar are also listed on this list as they have signed an information exchange agreement in force on 24 October 2016.

According to Revenue Agency, this new Voluntary edition has extended the list of countries to further mitigate sanctions and non-application of the doubling of terms for the assessment and rejection of violations of tax monitoring obligations.
Guernsey, Hong Kong, Cayman Islands, Isle of Man, Cook Islands, Jersey and Gibraltar are also included in this list, which have entered into an information exchange agreement in force on 24 October 2016.

The opportunity to reopen the deadlines to regularize eventual violations or omissions, was driven by the decision to offer a further chance in view of the fact that the fight against international tax evasion was going to be, as it actually happened, particularly intensified, as showed by the commitment by the Tax Authorities of more advanced economies in establishing a more and more effective and shared strategy to counter international tax frauds and evasion.

For more on this story go to: http://www.italy24.ilsole24ore.com/art/laws-and-taxes/2017-06-13/italy-s-voluntary-disclosure-search-of-second-chance-revenue-agency-provide-new-fiscal-clarifications–151634.php?uuid=AEbh2gdB