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This article was published on April 1, 2015 at 11:17.
The last change is the April 1, 2015 at 14:48.
Crolla banking secrecy also IOR. And green light to the voluntary disclosure also by the Vatican State. But with an ad hoc procedure that will allow companies and individuals to benefit from the same facilities as provided by law on the return of capital approved at year end by the Italian Parliament. Among these “benefits” include the reduction of administrative sanctions for failure to complete part of Unico RW, while on the criminal is expected not be punished for the crimes of misrepresentation and non-declaration, as well as the reduced sentence for the crimes of fraudulent misrepresentation. Are the main points of the Convention just signed in tax matters between the Holy See and Italy by the Minister of Economy and Finance, Pier Carlo Padoan, and the Secretary for Relations with States, Paul Richard Gallagher.
In the joint statement branched from Via XX Settembre is clear that the Convention, since its entry into force or after its ratification, will enable full compliance with simplified procedures, tax obligations related to investments held at institutions carrying out financial activities in the Holy See from some natural and legal persons resident for tax purposes in Italy. These subjects also “will have access to a regularization procedure for the same business, with the same effects as provided by law n. 186/2014 (the one on the return of capital, ed). ”
Not only. Always from the date of ratification of the Convention will start paying taxes on income fund for the year 2014. For the first time, then, the Holy See signs with a foreign state (the first Italy) a special agreement on the exchange of information. The full administrative cooperation also for tax purposes, they explain from Economy and the Holy See, is the result of the reforms introduced since 2010 and the creation of the Vatican institutions with specific expertise in economic and financial matters. The exchange of information will cover the tax years from 1 January 2009 and will follow the latest international standards in the field of administrative cooperation (Article 26 of the OECD Model) to regulate cooperation between the competent authorities of both Contracting Parties.
With the occasion is confirmed between the two countries, the tax exemption for the properties of the Holy See indicated in the Lateran Treaty. The Convention itself finally integrates the Exchange of Notes of July 2007 between the Ministry of Foreign Affairs and the Secretary of State, which provides for notification through diplomatic acts to tax authorities of the Holy See.
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