One of the insurmountable problems afflicting our country is related to undeclared wealth. No maneuvers, reforms, or allocations designed to manage resources and public spending in favor of education, family, and work can succeed if the underground economy in Italy continues to carry such significant weight.
In this regard, according to a recent research study conducted, among others, by economist Zucman, the wealth held by Italians in tax havens or offshore jurisdictions, and in general, undeclared wealth in Italy, amounts to over 200 billion euros.
This figure, moreover, is particularly emblematic: the sum subtracted from Italy’s tax revenue (200 billion euros) equals the economic resources allocated to Italy by the PNRR. On one hand, the Italian economy is restrained by an increasingly deepening debt that restricts the country’s ability to move towards growth (it is estimated that each Italian citizen, including newborns, is indebted for almost 10 thousand euros), on the other hand, it is hindered by disruptive tax evasion that seems to know no crisis.
The study reveals that taxing the substantial sums evaded would allow the recovery of additional revenues of over 15 billion euros annually, impacting 10.6% of the national GDP.
Where Does the Wealth of Italians End Up?
The “financial” wealth of Italians, held abroad in the form of stocks, bonds, fund shares, and bank deposits, amounts to 196.5 billion euros. Of these, as reported by Teleborsa, 181 billion are deposited in offshore bank accounts or other financial activities, such as stocks, bonds, and fund shares.
Switzerland continues to be the preferred destination for Italians who choose the path of tax havens: the study reveals that 45.5% (equivalent to 82.6 billion) have transferred their capital to Switzerland. The remaining Italians seem to exploit the tax and financial opportunities of Ireland, the Netherlands, Asia, as well as America.
What are the Undeclared Assets?
As Teleborsa also highlights, these include yachts, jewelry, private jets, works of art, and real estate. From Dubai to Singapore, from Paris to Oslo, Italians buy and invest in luxury goods. The value of properties purchased on the French Riviera amounts to 7.3 billion, those purchased in Paris to 3.7 billion, in London to 2.7 billion, in Oslo around 200 million, and outside Europe, in Dubai, 920 million, and in Singapore, 140 million.
Tax Havens: Who Enters and Who Exits the List
Switzerland, Gibraltar, and Bermuda have decided to comply with new anti-evasion regulations and implement the minimum rate of 15%. A different fate for Estonia, Latvia, Lithuania, Malta, and Slovakia. These countries have asked the European Commission to turn a blind eye to certain internal tax policies considered anti-competitive, requesting a postponement of the adjustment period.
Which countries are considered non-cooperative fiscally?
According to the list compiled and continuously updated by the EU, here are the jurisdictions considered uncooperative from a tax perspective: American Samoa; Anguilla; Antigua and Barbuda; Bahamas; Belize; Fiji; Guam; Palau; Panama; Russia; Samoa; Seychelles; Trinidad and Tobago; Turks and Caicos Islands; United States Virgin Islands; Vanuatu.
The inclusion criteria in the list involve:
- The level of tax transparency
- Fair taxation criteria
- Measures against the erosion of the tax base and profit shifting
