Scudo fiscale

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Scudo fiscale (“tax protection shield”) is the name for a type of tax amnesty in Italy .

It has been applied three times so far - in 2001/2002, 2003 and 2009.

Scudo fiscale 2009

The Scudo fiscale 2009 was decided by the Italian Parliament as an emergency ordinance (DL 78/2009 of July 1, 2009, Article 13-bis) as part of an economic stimulus package as a result of the financial and economic crisis . Since September 15, 2009, assets illegally held abroad can be returned to Italy with impunity and thus protected from prosecution for tax and foreign exchange offenses. Originally it was supposed to be possible to use the "protective shield" until April 15, 2010, but the time window was ultimately limited to December 15, 2009. The Scudo fiscale applies to all taxpayers in Italy who own assets abroad.

The prerequisite for impunity is that all assets held abroad before December 15, 2009, circumventing the reporting and foreign exchange regulations, must be returned to Italy and rectified within a defined period. In addition, a withholding tax of 5% must be set up. Both monetary values ​​and other assets are affected. This means that real estate that was acquired abroad by passing the Italian tax authorities must also be sold within the deadline. Swiss people living in Italy who have second homes in the Italian-speaking area of ​​Switzerland, especially in Ticino and Engadin , are particularly affected by this regulation , as real estate values ​​cannot be transferred back as easily as cash and securities. If the assets are not declared, real estate fines of 10 to 50 percent of the property value.

The reason for the Scudo fiscale in 2009 is the findings of the Italian tax authorities about massive asset outflows from Italy, especially to south-eastern Switzerland. The Italian finance minister speaks of billions of euros. Therefore, the Italian tax police Guardia di Finanza searched branches of mainly Swiss, but also French and Italian banks in a major raid in 22 Italian cities at the end of October 2009. 76 Swiss asset managers alone were examined. The financial police are currently using infrared cameras to register all Italian vehicles entering Ticino. As a result, the Ticino banks in the Lugano banking center have already suffered considerable business losses and are demanding foreign policy intervention from the federal government.

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