Voluntary Disclosure

The voluntary disclosure, the result of a new model of cooperation between tax authorities and taxpayers designed to encourage compliance of taxpayers towards tax compliance. It is a temporary procedure for the emergence of assets illicitly produced and / or held.

To know more about the voluntary disclosure, you can find all official documents on the VD Consulting website, association of professionals specialized in advice in the field of voluntary disclosure.

The goal of the voluntary disclosure is to induce the taxpayer to declare assets illicitly produced and / or held by promoting compliance with tax obligations and at the same time to strengthen the tools for fighting tax evasion.

The procedure recognizes a substantial reduction of administrative sanctions for violations related to the obligations of “fiscal monitoring” of assets held abroad, as well as other administrative sanctions that may be imposed, together with the non-punishment of certain tax offenses.

Voluntary DisclosureThe voluntary disclosure is therefore, in this respect, the last chance for the regularization of tax positions: the failure to join the institute, once activated the mechanism provided for by the Agreement,will result in the ‘assessment to taxpayers who have not joined the disclosure, without being able to access the rewards implied with the voluntary disclosure with reference to the non-punishment of criminal offenses-tax that the substantial reduction of administrative sanctions.

 To find out more about the role of trust in the procedure of voluntary disclosure, read here.