Italy to Raise €3.8B from Amnesty on Undeclared Wealth

The Italian Economy Ministry said on Wednesday that Government would make over 4.2 billion dollars from amnesty on undeclared wealth.

It said the voluntary disclosure scheme, which ran until Nov. 30, allowed people who failed to declare all their assets to come clean before the taxman, paying only a reduced fine.

The ministry said it received nearly 130,000 legalisation requests, for assets worth 59.5 billion euros.

It said not less than 70 per cent of that sum was stashed away in Switzerland and over 8 per cent in Monaco.

The ministry said government was planning to use the one-off proceeds to finance permanent tax cuts proposed for 2016.