The deadline for voluntary disclosure of undeclared income ends on September 30th and concerns any amounts that had not been declared by taxpayers up to September 30, 2016 to avoid tax on income or inheritance, gifts and parental grants or VAT and stamp duty. The Finance Ministry has stressed that this is the last chance, as after September it will crosscheck taxpayers’ financial data electronically.

Around 55,000 taxpayers have taken advantage of this favorable regulation regarding undeclared income and have already submitted amending declarations. The amounts declared exceed 3 billion euro and the taxes paid backdated amount to 300 million euro.