With the political declaration signed today by Federal Councillor Karin Keller-Sutter and Finance Minister Giancarlo Giorgetti and concerning the regularization of some pending tax issues between the two countries, Italy has committed to provide for the removal of the Swiss Confederation from the list of states and territories with a privileged tax regime contained in the Ministerial Decree of May 4, 1999 (so-called “black-list”).
As soon as it is implemented, the removal of the Swiss Confederation from the blacklist will result in the following main consequences:
– the presumption of residence for tax purposes in Italy set forth in Art. 2, paragraph 2-bis, TUIR, valid for Italian citizens who have been removed from the resident population registry and moved to black-listed states or territory;
– tax residents in Italy who hold assets in the Swiss Confederation that are subject to tax monitoring obligations will no longer be subject to the doubled penalty (in the amount of 6 to 30 percent) provided for in Art. 5, paragraph 2, second sentence, Decree Law no. 167/1990 for cases of violation of tax monitoring obligations with reference to holding investments and assets of a financial nature in black-listed states or territory;
– will no longer be operative with respect to tax residents in Italy who hold investments and assets of a financial nature in the Swiss Confederation, the presumption set forth in Art. 2, paragraph 2, d.l. no. 78/2009, according to which, in the event of violation of tax monitoring obligations, undeclared investments and financial assets are considered to be constituted by means of income withheld from taxation.
The agreements reached by the two countries today also concerned the reaching of a transitional solution, valid from February 1 to June 30, 2023, on the regulation of telework, pending the reaching of an agreement on a stable and lasting regulation of the phenomenon.