The State of the Vatican and Italy signed an agreement including the exchange of banking information, from 2009 onwards, and the ability to repatriate capital. In addition, Italy may tax the profits of financial institutions that have deposited funds from January 2014 onwards .
In a footnote, the Vatican press office announced the signing, which is the first of its kind that the Papal State subscribe with another country, and was implemented in the presence of Secretary for Relations with States, Paul Richard Gallagher, and Italian Economy Minister, Pier Carlo Padoan.
“The criteria that inspired the agreement are transparency and a healthy partnership with the Italian State “, deputy spokesman of the Holy See, Ciro Benedettini said. “Given the importance of bilateral relations, Italy is the first country with which the Holy See signed an agreement governing the exchange of information” , the Vatican said in a statement.
The agreement also provides that financial income of natural persons and legal entities in the IOR accounts are subject to payment of taxes in Italy after the declaration of 2014 . As reported in El País of Spain, tax evasion accounts for about 8% of the Italian GDP.
Italy has concluded agreements in recent days with countries as Switzerland, Liechtenstein and Monaco to lift bank secrecy, which enables financial institutions refusing to give data on the holders of its deposits, and fight tax evasion.
“The agreement – in line with the overall process of transparency in the sector of financial relations – echo the latest international standards on the exchange is done information (Article 26 of the OECD Model) to regulate cooperation between the competent authorities of the two parties. The information exchange will cover the fiscal years from January 1, 2009 “, published L’Osservatore Romano , the Vatican newspaper.
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