Wednesday, October 19, 2016

Financial information agreement between Italy, Holy See goes into effect

Image result for agreement between the Holy See and Italy on fiscal mattersAn agreement between the Holy See and Italy on fiscal matters went into effect on October 15.

The agreement, signed in April 2015, allows Italian authorities access to financial records of Italian residents who have accounts with the Vatican bank, to ensure that they report taxable income. 

The arrangement, the Vatican explained at the time, “will enable full compliance, with simplified procedures, with the tax obligations relating to financial assets held by institutions engaging in financial activities in the Holy See by various physical and legal persons resident in Italy.”

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