At its session on December 4, 2014, the Senate Assembly definitively approved bill no. 1642, containing provisions regarding the disclosure and repatriation of capital held abroad, as well as strengthening the fight against tax evasion and provisions regarding self-laundering, without changes to the text approved by the Chamber.

The "voluntary disclosure" provisions provide for a procedure for taxpayers to voluntarily cooperate with the tax authorities to disclose and repatriate to Italy capital held abroad. Among the most significant changes introduced during the parliamentary review are the extension of the procedure to IRES entities and assets held in Italy, as well as the introduction of the aforementioned crime of self-laundering.

The repatriation of capital from abroad
The bill (AC 2247-A Causi and AC 2248 Capezzone, then AS 1642) was definitively approved by the Senate Assembly in the session of 4 December 2014.
First and foremost, it aims to reinstate the content of Article 1 of Legislative Decree No. 4 of 2014, which was repealed during parliamentary consideration of the conversion bill and subsequently incorporated into the bills under discussion. This is intended to allow parliamentary bodies to examine the matter more thoroughly, with the aim of addressing some of the critical issues contained in the repealed provision, also based on evidence emerging during hearings held during the consideration of Legislative Decree No. 4 of 2014. Both bills introduce into the legal system the rules for voluntary disclosure in tax matters; in short, individuals who hold assets and property abroad and have failed to declare them will be able to rectify their tax position by paying the taxes due (in full or in part) and penalties (at a reduced rate), while also obtaining certain benefits in terms of criminal tax penalties.
Guarda also the rules introduced by the European law 2013 on tax monitoring and other interventions adopted in this legislature aimed at promoting the tax compliance.
Please note the Government's response of 25 November 2014 to question no. 5-04128 about the draft model requesting access to the so-called voluntary disclosure procedure.

The extension to companies and businesses held in Italy
Article 1, paragraph 1 introduces into the legal system the discipline of voluntary collaboration (so-called voluntary disclosure) in tax matters.
The intention is to introduce Articles 5-quater to 5-septies into Decree-Law No. 167 of June 28, 1990, which deals with tax monitoring, with the aim of combating tax evasion and avoidance through the fictitious assignment of tax residence abroad and the unlawful transfer or holding of income-generating assets abroad. In short, individuals who hold assets and property abroad and have failed to declare them will be able to rectify their tax liability by paying, in a single payment and without the possibility of offset, the full amount of taxes due and penalties (the latter at a reduced rate).
As a result of voluntary collaboration, the non-punishability for certain tax crimes relating to reporting obligations, namely the reduction of penalties by half, and the payment of a reduced amount of the aforementioned tax penalties. The procedure cannot be used if the request for access is submitted after the author has become aware of the commencement of tax assessment activities or criminal proceedings for tax violations, and will operate for the violazioni declarations made up to 30 September 2014, with the possibility of carrying out the procedure up to September 30, 2015The rules introduce a new tax crime which punishes those who, within the framework of the voluntary collaboration procedure, exhibit or transmit documentation and data that do not correspond to reality.
Please note that, with reference to the abolished Article 1 of Legislative Decree no. 4 of 2014, Circular no. 8624 of the Treasury Department of the Ministry of Economy and Finance, issued on January 31, 2014, clarified that the approval of the voluntary disclosure rules has no impact on the application of the sanctions and safeguards provided for by the anti-money laundering regulations.
The new paragraphs 2 to 4 of Article 1 they extend the procedure for voluntary collaboration with taxpayers who commit violations regarding assets held in Italy as well as at violations in the field of tradeincome tax and related additional taxes, substitute taxes, regional tax on productive activities and value added tax, as well as violations relating to the declaration of tax substitutes (i.e., to entities and joint-stock companies referred to in Article 73 of the Tuir, so-called. IRES subjects, also for violations of a substantial nature and not only those deriving from reporting obligations).

Source: Camera.it