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Editor in chief: Angelo Scorza
05/02/18 12:34

All about the new mini tax shield

The details on the new amnesty for frontier workers and former residents abroad (AIRE members), that someone has defined the mini-voluntary disclosure

The Legislative Decree n. 148/2017 (attached to the Budget Law 2018) provided for a new amnesty (improperly defined as "mini-voluntary disclosure") for frontier workers and former residents abroad (AIRE members).

The article of the D.L. to be referred to is the 5 - septies, penalties that can be lenied are those related to tax monitoring obligations (RW framework).

The categories of subjects and activities to which the norm is addressed to

Analyzing the norm, it must be underlined that more than a "mini - voluntary disclosure", it is a real "mini - tax shield".

It is possible to regularize financial assets held abroad on current accounts and savings books for all subjects (or heirs) who, previously, were tax resident in Italy, were tax resident abroad but registered into the Register of Italians residing abroad (AIRE) or who worked abroad continuously or in neighboring countries.

The main requirement is that these activities only derive from income identified by art. 6 paragraph 1 lett. c) and d) of the TUIR, that is to say, income from employment and self-employment, with the inclusion of the sums deriving from the sale of real estate, provided that such properties are located within the State in which the work was regularly and continuously performed.

From all this, it emerges clearly that the law refers to all those subjects who were previously exempt from tax monitoring obligations and who subsequently re-acquired the status of subjects tax resident in Italy pursuant to art. 2 of the TUIR, with annexed re-acquisition also of the declarative obligations for the purposes of the RW framework of the income tax return.

Terms and payments

Application must be submitted by July 31, 2018, with subsequent payment of the sums due, to be made by September 30 2018 (payment in one solution or with the possibility of 3 monthly installments).

The payment is equal to 3% of the amounts held abroad as of December 31, 2016 in terms of taxes, penalties and interest.

Investigations and verifications

Finally, it is good to take into consideration two other aspects related to the matter.

The first, which deals with the impediments for access to the amnesty, provides that it is not applicable to subjects who applied for the previous voluntary disclosure.

The second one concerns the modification of the terms of assessment for Tax Authority. All the terms expiring after January 1, 2018 have been extended until June 30, 2020, giving much more space to the Tax Administration to carry out checks and investigations against those who potentially made violations related to tax monitoring obligations

TAG : Tax corner