Taxpayers who disclose undeclared income for tax and social security purposes through the “special” supplementary tax return with a 20% substitute tax, pursuant to Article 9 of the related Tax Decree No. 119 of October 23, 2018, will be able to save between €9,000 and €12,000 per year compared to what they would have paid by declaring their entire income from the beginning or using the “ordinary” supplementary tax return, which does not provide discounts on the taxes due. This is what emerges from calculations carried out by the National Council of Accountants, which has published a series of simulations to quantify the savings, for a single year or for the four-year pardonable period, for various types of taxpayers. For a precise assessment of your position and to maximize the benefits of the amnesty, our accounting and financial reporting service offers technical support in preparing the simulations. The full text of the regulation can be consulted directly on the official portal of the Revenue Agency .
The tax savings can actually quadruple if the supplements are made for all four potentially affected tax years, i.e., from 2013 to 2016. This also adds to the benefit of eliminating administrative penalties, which would have been due with the “ordinary” supplementary return.
“We have developed some examples that apply the overall limit of €100,000, considering only once the same taxable amount that is used for multiple different taxes,” commented Massimo Miani, President of the National Council of Accountants. “It would be highly irrational, even more so than further restrictive, to apply the limit in the sense of multiplying the same amount by the number of taxable areas for which it is simultaneously relevant. In this regard, it would be desirable to improve the text during the parliamentary process to make it clearer.”