On 29 January 2014 Law Decree No. 4 of 28 January 2014 was published in the Official Gazette. This Decree provided clarifications with regard to the voluntary disclosure procedure. The Law Decree entered into force also on 29 January 2014 and will be presented to Parliament.
Under the Law Decree, until 30 September 2015, Italian residents subject to individual tax who, before 31 December 2013, omitted to declare in their income tax return their assets and investments held abroad (article 4(1) of Law Decree No. 167/1990, converted into Law No. 227 of 4 August 1990) may commence a voluntary disclosure procedure.
Taxpayers must disclose all assets and investments held abroad to the tax authorities and pay the amount of interest and taxes due on the declared assets and investments. Taxpayers producing false documentation or information during the procedure will be liable to imprisonment for a term of 18 months to 6 years.
