The Italian voluntary disclosure and its impact on trust

The Italian Senate has approved the Law 15 of December 2014, no 186 for the implementation of a Voluntary Disclosure facility, providing an opportunity for certain categories of Italian tax resident to regularize assets held abroad by granting a significant reduction in administrative penalties and relief from criminal prosecution for major tax violations. In this respect, Italian settlors and beneficiaries of trust, who adopted such solutions for improper use, may find it advantageous to benefit from a preferential treatment, to regularize their position towards the Italian tax authorities. The timeframe is relatively short: 30 September 2015.