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Swiss prosecutors searched the offices of the Geneva subsidiary of the HSBC (Photo: George Rex)

Italy and Switzerland sign deal to fight tax evasion

Italy and Switzerland on Monday (23 February) signed a deal to recuperate billions of euros of taxes from wealthy Italians who stash their undeclared assets in the Alpine nation.

The plan includes a partial amnesty for account holders who now have until 30 September to pro-actively declare their Swiss accounts to the tax authorities. The "voluntary disclosure procedure" incurs fewer sanctions and drops most criminal charges.

Estimates suggest around 70 percent of Italian money hid...

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Author Bio

Nikolaj joined EUobserver in 2012 and covers home affairs. He is originally from Denmark, but spent much of his life in France and in Belgium. He was awarded the King Baudouin Foundation grant for investigative journalism in 2010.

Swiss prosecutors searched the offices of the Geneva subsidiary of the HSBC (Photo: George Rex)

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Author Bio

Nikolaj joined EUobserver in 2012 and covers home affairs. He is originally from Denmark, but spent much of his life in France and in Belgium. He was awarded the King Baudouin Foundation grant for investigative journalism in 2010.

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