Consulting firms are ready to assist new clients with the voluntary disclosure. This is a chance for those companies and individuals who did not benefit from last year opportunity to repatriate capital held abroad, but also for those who moved capital to “safer” countries, such as Dubai, Panama, Bahamas, but then lost control over it because of scandals (Panama papers) or news leaks (Bahamas leaks). Voluntary disclosure measures could involve also those who signed tax compliance certifications of Swiss or Monegasque banks, as well as those who did not sign them and could be subject to a group tax assessment. (…) “We are starting to contact bankers in order to be prepared to interviews with clients”, stated the managing partner and head of tax of Bernoni Grant Thornton Alessandro Dragonetti, “I believe that the relevance of cash payments and withdrawals shall be better clarified, mainly if those payments were made during a FY, but are clearly the result of resources hoarded in previous FYs.”
