ROME: Italy and Switzerland have signed a deal to share information in a bid to tackle tax evasion. The deal offers a partial tax amnesty to Italians that have hidden cash in Switzerland.
They will have until 30 September to declare their Swiss bank accounts through a “voluntary disclosure procedure.”In return, they will be given more lenient fines and most criminal charges will be dropped.
Around 70% of the cash that Italians have hidden abroad is in Switzerland, reportedly costing Italy €90 billion ($100bn) a year.Italy is keen to bolster its government revenues as stagnant growth has put pressure on the country’s finances.
In September, the government increased its 2015 deficit target from 2.2% to 2.9% of GDP, just below the 3% threshold set by the EU.
