The voluntary disclosure procedure may also be used, among others, by “fictitious non-residents” (estero residenti fittizi), by citizens who have “moved” to black-list countries, by “foreign-dressed” entities (esterovestiti), by trusts and “foreign-dressed” trusts, and by taxpayers who hold assets abroad without being their formal owners, having used intermediaries or foreign fiduciary registrations. This is clarified by a circular of 13 March 2015 no. 10/E of the Revenue Agency.
The instructions for voluntary collaboration are in fact ready, the key words being spontaneous and genuine transparency in dealings with the tax authorities, the Agency explains. Taxpayers who decide to use, by 30 September 2015, the extraordinary procedure to remedy spontaneously the omissions and irregularities committed up to 30 September 2014 in matters of the disclosure and repatriation of capital now have instructions on how to access the voluntary disclosure, on the grounds of inadmissibility, on the taxes and administrative penalties due, and on the effects in criminal matters.
The practice document, the circular explains, identifies in detail the types of unlawfully established or held foreign financial investments and activities, and the income and taxable amounts that fall within the voluntary disclosure procedure. The procedure can be accessed for all tax periods for which, at the date the application is filed, the time limits for assessment or for challenging breaches of the tax-monitoring rules have not expired. Under certain conditions, set out in the circular, the doubling of the time limits ordinarily provided for in the case of investments and financial assets held in black-list countries does not apply, where those countries have signed agreements providing for an effective exchange of information in line with the 2005 OECD model.
A taxpayer cannot access the voluntary collaboration procedure if, before filing the application, he has become aware of the start of access, inspections or audits, of the start of other administrative assessment activities, or of his status as a suspect or defendant in criminal proceedings for breaches of tax law. Nor can the procedure be activated where a third party who is jointly liable for tax with the applicant, or who has participated in a tax offence attributed to him, becomes aware of the grounds of inadmissibility. The practice document also clarifies that, where investigative control activities concern only one tax year, the procedure can be activated for the years not affected by the audit
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