Voluntary disclosure to generate 4bn

Half of requests to come clean came from Lombardy

(ANSA) – Rome, December 9 – The government’s voluntary disclosure program will generate four billion euros in taxes by year’s end, Internal Revenue chief Rossella Orlandi said Wednesday.
Hidden assets equal to 59.5 billion euros have emerged thanks to the voluntary disclosure program, which has netted 129,565 requests to come clean – just under half of which, or 63,580, came from taxpayers in the wealthy northern Lombardy region.
A majority of the requests came from people or companies with assets stashed offshore, most of them in Switzerland (41 billion euros or 69.6%), followed by Monaco (7.7%) and the Bahamas (3.7%). Of the total, just 1,500 requests were for secret domestic stashes and 710 were for assets held in both national and international tax havens, the economy ministry and the internal revenue service said.