Economy / Foreign relations

Italy and Switzerland to sign bank disclosure agreement

In a month Italy and Switzerland will sign an agreement which will allow the removal of the latter country from the black list of the Italian revenue services.

Italian citizens and entities keeping undeclared sums in the Swiss banks will be at risk of being discovered, but at the same time they will be able to opt for a fiscal amnesty which will enter into force immediately after the signature of the treaty.

Swiss banks are famous (or infamous, according to your point of view) for their discretion. They have many Italian clients, since the two countries share a border and Italy has a very high rate of tax evasion.

However, in the last years a strong diplomatic offensive by some great Powers, including the United States and Germany, forced Switzerland to relax its tight rules on bank secrecy.

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