Italy offers amnesty on funds sheltered abroad

July 16th, 2009

Toronto Star

Finance Minister Giulio Tremonti introduced a measure yesterday allowing Italians to repatriate funds held abroad, outside the reach of tax authorities, a week after calling on world leaders to adopt new rules against evasion.

The so-called “tax shield,” introduced yesterday as an amendment to a bill aimed at helping consumers and companies weather the economic crisis, is the third time since 2001 that Europe’s most-indebted country has offered amnesty to tax evaders for a fee. Italians who return undeclared funds held abroad will pay a 5 per cent tax and be exempt from prosecution, according to a copy of the legislation.

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