The House Finance Committee has approved the proposed law on capital repatriation. The committee instructed rapporteur Giovanni Sanga (Democratic Party) to bring the bill to the Chamber, where the general debate will begin tomorrow. By approving a government amendment, the committee also introduced the crime of self-laundering into the Criminal Code, meaning that those who adhere to the "voluntary disclosure" system will not be punishable.

Padoan is satisfied: new crime helps combat tax evasion
For Economy Minister Pier Carlo Padoan, the committee's green light for the new crime represents a "very important step toward regularizing international trade and in line with best practices." Speaking from Washington, where the International Monetary Fund's Annual Meetings are underway, Padoan added that the amendment "will also bring a tangible contribution to the country and allow for agreements on the exchange of information." Therefore, "we expect resources." The minister then specified that it is "a fundamental tool for improving the fight against tax evasion."

Finance Committee approves, tomorrow in the Chamber
The vote in the Chamber of Deputies is expected next Tuesday, immediately after the review of the updated version of the Economic and Financial Document (DEF). The procedure, voluntary and non-anonymous, can be activated until September 30, 2015, for funds hidden (abroad but also in Italy) by September 30 of this year. The government amendment introducing the crime of self-laundering into the Criminal Code, with a dual penalty regime based on the seriousness of the underlying offenses (prison sentences of two to eight years, reduced to one to four years if the underlying offense carries a maximum prison sentence of less than five years), was approved in committee.

No self-laundering crime in case of personal use
The green light was also given to a small correction to the text, specifying that self-laundering occurs when there is an intent to conceal the illicit origin of the funds. It is not punishable, however, if the funds are intended "for personal use or enjoyment." The non-punishment clause for those who adhere to voluntary disclosure has been confirmed (it was already present in the original formulation of the offense drafted by the commission before the summer), but formally appears as a separate article and not as a subsection of the article introducing the offense. The offense has also been included among the offenses provided for by Law 231 on corporate liability.

Causi (Democratic Party): discounts for those who emerge
"I hope the final vote in the Chamber will arrive within the next week, thus concluding months of work that have led to an innovative yet balanced solution, introducing the crime of self-laundering, which is based not on the reinvestment but on the concealment of funds." This was stated by Marco Causi, Democratic Party group leader in the Finance Committee, after the initial approval of the proposed law on capital repatriation, which will be presented to the Chamber tomorrow. "For those who have already concealed funds in the past," Causi explains, "the State offers the option of a nominal self-declaration, not an anonymous amnesty like the Tremonti law, which provides for the payment of all evaded taxes but significant discounts on fines, interest, and penalties, and above all, the possibility of not being prosecuted for self-laundering."

Source: ilSole24ore

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