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A procedure introduced in January 2015, which allows residents of Italy to pay a lumpsum compensation for undeclared assets invested abroad through a voluntary disclosure made at the Italian Revenue Office.
Everybody wanting to take part of this procedure has to make a request at the UCIFI agency (an authority, which is sort of a special unit of the Italian Revenue office) and furthermore furnish exact details regarding the type, the duration and the amount of the investments carried out abroad. All relevant documents must be made available, in order to ensure that the tax office can reconstruct the actual income situation.
This possibility is applicable only if the reporting period for the related tax payments has not expired by the time the voluntary disclosure is delivered.