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Topic: Italy says international tax dodger amnesty is bringing in billions (Read 974 times)
December 13, 2015, 05:27:36 AM
December 13, 2015, 12:56:39 AM
Italy public debt:
2,312,978,780,537€
Those 4,000,000,000€ will surely make a difference...
2,312,978,780,537€
Those 4,000,000,000€ will surely make a difference...
I don't know what is the issue with all these Mediterranean countries. All of them (Portugal, Spain, Italy, Cyprus, Greece.etc) seems to be having huge federal debts, amounting to trillions of Euros. At the same time, the Northern European countries (Germany, Sweden, Denmark, the Netherlands.etc) don't have this problem.
December 12, 2015, 08:18:25 PM
No, because tax evasion in Italy (like nearly everywhere) is getting more and more difficult. Credit card use is on the rise, event at small restaurants, so there's much less income which can be hidden, and the Italian government has also forbidden the use of cash for transactions over a certain amount. Could be 1,000 € but I'm not sure.
Only legal businesses will be complying with this € 1,000 limit on cash transactions. Can the Italian government enforce this measure on the members if he Cosa Nostra and the Sacra Corona Unita? I don't think so. They will continue to earn their drug money in hard cash and then they will send that money to Geneva. During the next tax amnesty, this cash will flow back to Sicily and Puglia.
Oh, yes, drug money, but that's only the very top of the iceberg. I guess most undeclared income will now come from drug money and prostitution, but only a few years ago, that was the opposite. Most undeclared income was coming from legal businesses.
December 12, 2015, 04:14:39 PM
If this is a result of what has been declared there must be a whole lot more still out there undeclared..its not as if the Mafia would be volunteering their real books for audit..the Catholic Church either for that matter.
December 12, 2015, 11:28:52 AM
Italy public debt:
2,312,978,780,537€
Those 4,000,000,000€ will surely make a difference...
2,312,978,780,537€
Those 4,000,000,000€ will surely make a difference...
December 12, 2015, 11:20:52 AM
No chance that'll ever happen in the USA. The banksters and the private jet tax dodgers they serve own the government. All of it.
Bankers are the most powerful entity here.Don't you think that this tax dodger amnesty happened after intense lobbying by the banking cartels? It is not possible to indulge in tax evasion, without support from various banks. And what makes tax evasion easier in Italy is the fact that there are a large number of banks which operate in both Switzerland and Italy.
December 12, 2015, 07:48:30 AM
Seriously though, nuke Italy. Start with Venice.
Most interesting comment so far, applause.
December 12, 2015, 05:24:39 AM
No chance that'll ever happen in the USA. The banksters and the private jet tax dodgers they serve own the government. All of it.
Bankers are the most powerful entity here. December 12, 2015, 01:28:28 AM
No, because tax evasion in Italy (like nearly everywhere) is getting more and more difficult. Credit card use is on the rise, event at small restaurants, so there's much less income which can be hidden, and the Italian government has also forbidden the use of cash for transactions over a certain amount. Could be 1,000 € but I'm not sure.
Only legal businesses will be complying with this € 1,000 limit on cash transactions. Can the Italian government enforce this measure on the members if he Cosa Nostra and the Sacra Corona Unita? I don't think so. They will continue to earn their drug money in hard cash and then they will send that money to Geneva. During the next tax amnesty, this cash will flow back to Sicily and Puglia.
December 11, 2015, 11:08:49 PM
Seriously though, nuke Italy. Start with Venice.
December 11, 2015, 08:36:39 PM
Who made taxation, and who said that handling money in certain ways was illegal? People did it.
Why do some people have the ability and right to impose tax on others? They don't. Why not? Because taxation is stealing. If they steal, it is because they are stronger. Stronger doesn't make it right. It only makes it doable.
Why do some people have the ability and right to impose tax on others? They don't. Why not? Because taxation is stealing. If they steal, it is because they are stronger. Stronger doesn't make it right. It only makes it doable.
December 11, 2015, 08:05:51 PM
Well, those 60 billions, if real, would now be invested or spent in Italy, so that makes money for business. If 1,000 tax dodgers buy a new car registered in Italy, go to a restaurant every day and have marble floors installed in their bathrooms, it's all good.
What sort of logic is that? So the honest taxpayers who paid their dues on time are idiots for not stashing their money abroad? This might give a temporary boost to the local economy. But in the long term, measures such as this one will encourage even more tax evasion, and the government revenues will definitely take a hit.
No, because tax evasion in Italy (like nearly everywhere) is getting more and more difficult. Credit card use is on the rise, event at small restaurants, so there's much less income which can be hidden, and the Italian government has also forbidden the use of cash for transactions over a certain amount. Could be 1,000 € but I'm not sure.
December 11, 2015, 05:17:14 AM
Well, those 60 billions, if real, would now be invested or spent in Italy, so that makes money for business. If 1,000 tax dodgers buy a new car registered in Italy, go to a restaurant every day and have marble floors installed in their bathrooms, it's all good.
What sort of logic is that? So the honest taxpayers who paid their dues on time are idiots for not stashing their money abroad? This might give a temporary boost to the local economy. But in the long term, measures such as this one will encourage even more tax evasion, and the government revenues will definitely take a hit.
There is really no logic behind these moves: gov needs money and they don't care to go in depth. I think 60 bln € is a very low esteem of what is outside of Italy. Gov closes one eye and then, every once in a while, asks for funds to come back.
"Honest" taxpayers are forced to pay taxes since the income tax is already taken from their wage: they basically fund everything in Italy. While people who have companies try to avoid taxes in every way they can.
Remember George Carlin (he said it referring to the USA to be honest)
Quote
You know how I define the economic and social classes in this country? The upper class keeps all of the money, pays none of the taxes. The middle class pays all of the taxes, does all of the work. The poor are there just to scare the shit out of the middle class. Keep 'em showing up at those jobs.
December 10, 2015, 09:04:26 PM
Well, those 60 billions, if real, would now be invested or spent in Italy, so that makes money for business. If 1,000 tax dodgers buy a new car registered in Italy, go to a restaurant every day and have marble floors installed in their bathrooms, it's all good.
What sort of logic is that? So the honest taxpayers who paid their dues on time are idiots for not stashing their money abroad? This might give a temporary boost to the local economy. But in the long term, measures such as this one will encourage even more tax evasion, and the government revenues will definitely take a hit.
December 10, 2015, 08:46:02 PM
If you earn 12000€ (gross) per year (like the majority of Italian workers) you'll pay at least 27% of income tax on it.
If you are a privileged tax evader like those guys, you bring back your money for a ridiculous 6%! And maybe you can also keep the change.
If you are a privileged tax evader like those guys, you bring back your money for a ridiculous 6%! And maybe you can also keep the change.
If this is the case, then I fail to understand what the government gains from it. I have seen tax amnesties in various Asian countries. On every single instance, the penalty was at least 30% to 100% higher than the maximum rate of income tax. Most of these amnesties were not very successful, but at least they don't encourage the tax evaders.
Well, those 60 billions, if real, would now be invested or spent in Italy, so that makes money for business. If 1,000 tax dodgers buy a new car registered in Italy, go to a restaurant every day and have marble floors installed in their bathrooms, it's all good.
It may be good, but is it fair?
Could alternative methods (say stricter prosecution, threat of higher punishment) achieved the same results in a fair manner?
That is the question you should ask.
December 10, 2015, 05:53:26 PM
If you earn 12000€ (gross) per year (like the majority of Italian workers) you'll pay at least 27% of income tax on it.
If you are a privileged tax evader like those guys, you bring back your money for a ridiculous 6%! And maybe you can also keep the change.
If you are a privileged tax evader like those guys, you bring back your money for a ridiculous 6%! And maybe you can also keep the change.
If this is the case, then I fail to understand what the government gains from it. I have seen tax amnesties in various Asian countries. On every single instance, the penalty was at least 30% to 100% higher than the maximum rate of income tax. Most of these amnesties were not very successful, but at least they don't encourage the tax evaders.
Well, those 60 billions, if real, would now be invested or spent in Italy, so that makes money for business. If 1,000 tax dodgers buy a new car registered in Italy, go to a restaurant every day and have marble floors installed in their bathrooms, it's all good.
December 10, 2015, 04:41:58 PM
Whats expected and what will be paid are two far away figures, Italy, Tax and Law are very complex subjects that will take years to resolve. A tax amnesty like this was held only a few years ago, it just allows people to declare assets, pay a fine and then pay some tax on the asset in the future.
December 10, 2015, 02:44:47 PM
They couldn't trace the funds so the choice was 6% or losing time and money to catch them. They chose wisely, although they could've asked for more.
December 10, 2015, 01:30:22 PM
If you earn 12000€ (gross) per year (like the majority of Italian workers) you'll pay at least 27% of income tax on it.
If you are a privileged tax evader like those guys, you bring back your money for a ridiculous 6%! And maybe you can also keep the change.
If you are a privileged tax evader like those guys, you bring back your money for a ridiculous 6%! And maybe you can also keep the change.
If this is the case, then I fail to understand what the government gains from it. I have seen tax amnesties in various Asian countries. On every single instance, the penalty was at least 30% to 100% higher than the maximum rate of income tax. Most of these amnesties were not very successful, but at least they don't encourage the tax evaders.
December 10, 2015, 01:10:11 PM
So the Italian government received some €3.8 billion in penalties from tax dodgers, after the latter declared €59.5 billion worth of illegal assets? That corresponds to a penalty of less than 6% of the net value of the assets. Either this is a typo, or the Italian government gave in to the tax dodgers giving them a lucrative deal.
No typo!
If you earn 12000€ (gross) per year (like the majority of Italian workers) you'll pay at least 27% of income tax on it.
If you are a privileged tax evader like those guys, you bring back your money for a ridiculous 6%! And maybe you can also keep the change.
Just for you to know this is not the first time that something like this happens: since 1980 at least every five years any government signs a similar bill to ask for some cash flow in.
This is absurd.
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