THE WALL STREET JOURNAL

SEPTEMBER 29, 2009

Italian Tax Amnesty Targets EUR300 Bln In Assets Abroad

ROME (MF-Dow Jones)--Italians hold EUR300 billion in assets overseas, a sum that may be partially repatriated under the government's new tax amnesty, the country's tax authorities said Tuesday.

Some EUR125 billion is held in Switzerland and EUR86 billion in Luxembourg, the authorities said at a conference on tax havens.

Italy recently launched its third tax amnesty in seven years. Though the U.K. and Germany have also launched amnesties, seeking to plug holes in their budgets, Italy's will be the biggest.

In the two previous tax amnesties, in 2002 and 2003, Italians came clean on EUR73 billion of assets, 58% of which was held in Switzerland, research firm Magstat says.

 By Gugliemo Valia

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