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Eighty billion euros 'come home' after tax amnesty

Text by News Wires

Latest update : 2009-12-26

Some 80 billion euros held by Italian nationals outside of the country have been "repatriated" under a tax amnesty that has been in place since September, finance minister Giulio Tremonti (pictured) said.

AFP - More than 80 billion euros (115 billion dollars) in assets held by Italians outside Italy have been either repatriated or brought into conformity with regulations under a fiscal amnesty law, the economy minister said Wednesday.
"The figures are not yet definitive but according to prelimiary estimates we have gone beyond 80 billion euros," Giulio Tremonti told a press conference.
"It's unprecedented."
The tax amnesty has been in effect since September 15.
"The accumulation of funds repatriated has exceeded our capacity to absorb them, which is why we were obliged to extend the amnesty," Tremonti said.
The government in mid-December said the programme would be extended to the end of April.
The fee charged until mid-December, 5.0 percent of the funds involved, was then raised to 6.0 percent with effect until the end of February, when it will climb to 7.0 percent until the end of the program in late April.
The amnesty has already earned between 4.0 and 5.0 billion euros for the state.
"The era of tax havens is over," Tremonti asserted.

Date created : 2009-12-24