home  › Laws and taxes

Tax authorities confirm the relaxing of the deadline for voluntary disclosure filing

by Antonio Tomassini

The new provision issued on September 14 by the Italian Tax Authorities' general director together with the press release of the same director the day after represent the green light to the postponing of 30 days of the final deadline for the ongoing voluntary disclosure procedure.

The applicants are still obliged to file the request by September 30, but the request can be amended within 30 days after the presentation of the first one. Similarly the applicants have 30 days starting from the request to file the general report and the relevant documentation aimed to explain and clarify the content of the request.

The provision signed by the general director Rossella Orlandi and the central director for tax assessment and audit Aldo Polito is a compromise resolution between operators' appeals and the will of the Government, confirmed on Saturday by the Economy Minister Pier Carlo Padoan not to extend the timing of the procedure.

The decree also clarified that in order to benefit of the criminal penalty protection provided by the procedure also for fiscal years no more assessable under a tax perspective but still not expired under a criminal standpoint, the taxpayer has to collect and file the relevant information and documentation. As a consequence the taxpayer will be forced to ask the banks to provide documents also referring to fiscal years 2008 and 2009.

This is extremely time consuming because the banks are full of similar requests and it could also represent an extra cost. Fiscal years 2008 and 2009 are no more assessable so there aren't extra costs related to the procedure, but the banks are used to ask for a fee for the documentation release. Furthermore the professionals involved have to determine the taxable basis and taxes even for those years and this is again time consuming.