TAX NEWS - June 2010

Italy Tax: Italy Economic Ministry says EUR104.5M Assets Repatriated Under Tax Amnesty

The Italian Economic Ministry said Wednesday that assets totaling EUR104.5 million were repatriated as a result of a tax amnesty launched by the government in October.

In an emailed statement, the ministry said that 95% of those assets had been repatriated to Italy.

In December, the government decided to extended the plan until the end of April allowing Italians with hidden assets out of the country to repatriate them by paying a fee of up to 7.5% of the value of the asset.