Voluntary Disclosure Procedures

Russo De Rosa Associati has acquired considerable experience concerning the normative on reporting foreign assets (tax monitoring) and correction of associated errors or omissions. As a response to the need for increased international tax conformity, many countries, amongst which Italy, have stipulated agreements for the exchange of information between tax administrations and have implemented disclosure campaigns allowing a reduction in ordinary administrative sanctions and the disapplication of some criminal sanctions. In the new scenarios, previous tax havens have now been transformed into fully cooperating countries, including by means of eliminating bank secrecy.

We assist clients with the process of voluntary disclosure of foreign assets not declared to Italian tax authorities. We assist the client in the investigation of their assets by means of direct contact with foreign and intermediary banks. We verify every omission or violation which may have been committed concerning both taxes and tax reporting and we calculate the applicable sanctions and reductions linked to voluntary regularisation. Thereafter, we represent the client in proceedings before tax authorities until final settlement.