Unpaid or omitted Italian tax liabilities  relating to income arising from Italian financial activities and assets in 2017:can be disclosed now using a new facility opened on 6 November 2020 and the offer letter from Agenzia delle Entrate.

The provision of 6 November 2020 establishes how voluntary disclosure for foreign income arising in 2017 from dividends and savings and related capital gains will be ruled in Italy. In particular, the measure indicates that exchanged information with foreign authorities will be made available to the taxpayer and the Guardia di Finanza, including and that IT tools will be used for the comparison and analysis of the data.

The addressee of the communication will be able to find the report of the  unpaid or omitted tax found in the “the Agency writes” section of Cassetto Fiscale. Taxpayer can choose to file and submit a supplementary income tax return and benefit from the penalties granted in the case of a voluntary disclosure “ provvedimento operoso” or in alternative case provide explanations and further documents or ask for further clarification .

The approach of the disclosure adopted in Italy is an Italian remake of the WDF promoted by HMRC. The Italian Revenue agency looks far from changing their attitudes.