Voluntary Disclosure bis

On 8 May 2017, a conference was held in Parma, at CDH Parma & Congressi, concerning the strategic and operating aspects of the new edition of the voluntary disclosure procedure. The conference was organised by the Italian association of young lawyers (AIGA) and the Italian association of young chartered accountants (UGDCEC) of Parma, in collaboration with Azimut Wealth Management and sponsored by the Roll of Chartered Accountants in Parma.

Gabriele Labombarda, partner at Bernoni Grant Thornton, intervened as speaker talking about the Voluntary Disclosure procedure. “There are only three months left before the 31-July deadline to apply for the voluntary disclosure procedure. Response from concerned taxpayers is far lower than expected, probably because there are not significantly interesting elements able to induce those who did not participate in the first edition to apply. Rather, the increase in the number of years subject to the procedure, new presumptions relevant to cash, the self-assessment of penalties and the related risk seem to have further discouraged taxpayers”.

During the conference, strategic and operating aspects of Voluntary disclosure bis, which taxpayers can apply for by 31 July, were discussed.

"It is not advisable to wait longer, due to the timing related to the collection of bank documents and to the procedure itself. Moreover, this can imply high risks, fines and criminal penalties (crime of self-laundering), considering that an increasing number of countries is implementing the different measures provided for the exchange of information, the new procedures created to fight dummy tax residences, and the heavy consequences provided for those who will not regularize their situation”states Gabriele Labombarda.