This page has been archived and commenting is disabled.

"Money Launderer Until Proven Innocent" - Italy Imposes 20% Tax Withholding On All Inbound Money Transfers

Tyler Durden's picture




 

While the propaganda surrounding Europe's "recovery" has reached deafening levels, what is going on behind the scenes is quite the opposite, and in the latest example that Europe is increasingly formalizing a regime of implicit capital controls, we learn that Italy has just ordered banks to withhold a 20% tax on all inbound wire transfers: a decree which on to of everything will apply retroactively to February 1. As Il Sole reports, "the deductions will be automatic (unless prior request for exclusion), and then it will be up to the taxpayer to prove that the money is not in the nature of compensation "income." In other words, as of this moment, but really starting two weeks ago, all Italians are money launderers unless proven innocent.

Some more details on Italy's latest decision to limit capital flows into the country, Google translated:

... the collection is the result of the decision to consider any transfer from abroad and directed to an individual Italian, as a component of taxable income, subject to proof to the contrary, which must be date the taxpayer receives the sum on your account. However, the first payments to the Treasury by intermediaries (mainly banks) will be performed July 16, so that the deemed payment accrued from February 1 until June 30 (and therefore set aside and with interest). Next, you will pay the withholding every 16th of the month following the effective perception of the sum. In fact, all taxpayers who receive a transfer from abroad on their personal account - and not professional or business - will be applied to the deduction, as an advance which will then be computed in the annual tax return.

What Italy appears to be focusing on are direct income payments where individuals get compensation via bank transfer. Of course, since the tax is superceding, good luck to any Italian citizen explaining the origin of every inbound money transfer and it is in accordance with the law. `

It is, therefore, a real "held" that will not be applied only in the case where the taxpayer proves that the amount received or quenched and does not have a connotation income but only and exclusively sheet: for example, the transfer incoming could be a return of a loan made in the past, or the return of a deposit, the date for the conduct of a house leased abroad.

Reasoning aside, what Italy just did is enforce a "shotgun" withholding tax on all inbound money:

The mechanism that provides a primary role to the bank official that is to receive the declaration of the taxpayer and evaluate it. In any case, you make the deduction or not, the name of the recipient will be reported by the bank Revenue Agency. And the taxpayer has until February 28 of the year following the year of the deduction to attest to the improper application of withholding tax to the bank and ask for a refund.

Even Il Sole admits that the new tax is so ad hoc that confusion will surely follow:

As is apparent from the wording of the measure, there is not even a standard for the development of self but, certainly, there will be a "balancing" between assets and funds held abroad (the RW of the UNICO) and income flows in entry: in short, it is likely that the intermediary in addition to the self-certification may require a taxable person to the performance of the RW framework from which we must infer what good has originated the incoming cash flow.

Of course, what will end up happening, is that more Italians- especially the wealthiest ones - will open bank accounts either in other Eurozone nations that have not established such a draconian wire transfer regime, or - more realistically - in such New Normal tax havens as Singapore now that Switzerland's main business model for centuries has been destroyed. The end result will be even less capital inflows into Italy - just the opposite of what the desperate Italian government is trying to achieve. But that is a concern for the next Italian government and the one promptly replacing it. For the time being, let's all pretend Europe is fixed, even as it prepares for the nuclear option: the confiscation of retirement savings.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Sun, 02/16/2014 - 12:46 | 4442159 TBT or not TBT
TBT or not TBT's picture

That's a good assumption, because governments in Italy have been levying more taxes than it is possible to pay, for so long, that it is a part of their way of being.

Sun, 02/16/2014 - 12:56 | 4442176 JackT
JackT's picture

Why stop at 20%? They should go halvsies - seems only fair.

Sun, 02/16/2014 - 13:00 | 4442192 TBT or not TBT
TBT or not TBT's picture

They're already there, domestically, and not collecting that successfully, thus this sort of thing. They banned cash transactions over x amount a few years ago already to give them more tools for catching the people at their little survival games, and x is a low amount.

Sun, 02/16/2014 - 13:22 | 4442244 Troll Magnet
Troll Magnet's picture

Looks to me like it's high time for 'Murikka to spread some freedom in Italy with our tanks and drones.

Mr. Nobel Peace Prize Winner, get to work!

Sun, 02/16/2014 - 13:24 | 4442252 DaddyO
DaddyO's picture

Just remember, he who gets to make the rules, gets all the gold...just sayin.

DaddyO

Sun, 02/16/2014 - 13:37 | 4442278 graneros
graneros's picture

It will probably do well for bitcoin.  I'm sure at least one ZHer is on the Fone now with his star broker buying even more.

Sun, 02/16/2014 - 14:11 | 4442345 fonestar
fonestar's picture

Thank-you for choosing and thinking of fonestar.  This should bode well for Bitcoin.  Eventually, even the thickest skulls will discover the utility for Bitcoin and how it can do many, many things their 0ldC0in cannot.

Sun, 02/16/2014 - 14:26 | 4442398 whatthecurtains
whatthecurtains's picture

Oops seems Italy is one step ahead of you.    http://www.coindesk.com/italian-amendment-treat-bitcoin-like-cash/

 

Italian Parliament member Sergio Boccadutri took to Twitter yesterday to reveal an amendment to a proposed law that would define bitcoin and initiate a process to recognise and regulate the cryptocurrency.

Sun, 02/16/2014 - 14:32 | 4442414 fonestar
fonestar's picture

fonestar is not denying there will be laws, regulations, taxations, outright bans on Bitcoin.  What he is saying is that these laws will be almost impossible to enforce and will be almost totally ignored.  Anyone who has actually used Bitcoin for a few weeks or months should be able to tell you why that is so.

Sun, 02/16/2014 - 14:43 | 4442431 Indian_Goldsmith
Indian_Goldsmith's picture

"taxes are good for you", they said. BTW, they cant tax gold, can they?

Sun, 02/16/2014 - 15:00 | 4442489 kaiserhoff
kaiserhoff's picture

Private sector departing from Italy at gates 1 through 156, at warp speed, in 5,4,3...

Have a nice capital flight.

fucking WOP Retards.  Free bunga bunga Dude!

Sun, 02/16/2014 - 16:52 | 4442766 macholatte
macholatte's picture

 

 

 

Foreign banks bracing for tough U.S. Fed capital rules

http://finance.yahoo.com/news/foreign-banks-bracing-tough-u-130639891.html

 

Sun, 02/16/2014 - 17:05 | 4442793 Cap Matifou
Cap Matifou's picture

In Italy there is VAT on the gold sales, at least when there is a paper trail.

Sun, 02/16/2014 - 17:22 | 4442832 ArgentoFisico
ArgentoFisico's picture

There is no vat on gold sales, there's a 20% capital gain.. but if you sell to, say, a german, and get paid via bank transfer.. FUCK! Bastards. I just wonder how long before all crumbles apart.. i fear it will take long, years

Sun, 02/16/2014 - 18:01 | 4442861 Cap Matifou
Cap Matifou's picture

OK, sorry, i knew there is some fukking tax on it.

Italian police finding one ton (or maybe just 100kg) of gold in a car
https://www.youtube.com/watch?v=Ilh5iUQIb4s

Sun, 02/16/2014 - 17:33 | 4442854 Pseudonymous
Pseudonymous's picture

You have the gold, you make the rule.

Mon, 02/17/2014 - 07:22 | 4444521 The Navigator
The Navigator's picture

Physical, Bitchez.

Try and track/tax that. Not so fucking easy, eh?

Ag/Au, the ultimate bitcoin, but physical and (historically, for  3,000 years) worth something.

Sun, 02/16/2014 - 19:14 | 4443162 Going Loco
Going Loco's picture

I upvoted you for sticking to the point over many months, which is that 90% of ZH users abhor the modern bankster system and simultaneously ignore anything (except gold and silver) which might actually help to change things.

'these laws will be almost impossible to enforce and will be almost totally ignored.' 

I just wonder how big is "almost" in this context. Cross fingers it's very small.

Sun, 02/16/2014 - 19:28 | 4443196 fonestar
fonestar's picture

fonestar suspects that in a decade's time, the term "money laundering" will be reduced to a historical curiousity.

Sun, 02/16/2014 - 14:51 | 4442463 _ConanTheLibert...
_ConanTheLibertarian_'s picture

+1 for the word play

Sun, 02/16/2014 - 14:27 | 4442401 JamesBond
JamesBond's picture

Fascism in Italiy?  

What a total surprise!  

 

Sun, 02/16/2014 - 20:39 | 4443404 fockewulf190
fockewulf190's picture

Sounds like the Italian government wants its cut of overseas mob profits.

Sun, 02/16/2014 - 16:55 | 4442762 TahoeBilly2012
TahoeBilly2012's picture

Longstanding plan? Zionist banks (the "chosen" ones) get endlessly bailed out while even wealthy citizens get bailed in? Interesting plan if it is one. One wonders where all this goes.....oh an along those same lines...Zero hedge care to ponder the fact the Fed Bank will soon "own" the majority of mortgages in the US?? Again, is these are plans, they are damn slick and while many see the injustice/fascism/collectivism of it all, who sees what else it really might be...

Sun, 02/16/2014 - 17:38 | 4442864 Cap Matifou
Cap Matifou's picture

At the end of the road will stand a nice gate with the inscription:

Work makes you free (from the bankster imposed debt, NOT)

Sun, 02/16/2014 - 19:23 | 4443180 Going Loco
Going Loco's picture

@TahoeBilly2012:- 'the Fed Bank will soon "own" the majority of mortgages in the US'

Oh my word!

'If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.'

You Yanks really are asleep at the watch, aren't you? Your forefathers would be ashamed of you.

Sun, 02/16/2014 - 13:29 | 4442250 layman_please
layman_please's picture

"Italy has just ordered banks to withhold a 20% tax on all inbound wire transfers"

does anyone have any more doubts about the merging of the banks and the government? this is the best example of fascism! 

who could have thought this would happen in italy?! sarc/

Sun, 02/16/2014 - 13:52 | 4442307 Excursionist
Excursionist's picture

Not sure whether this withholding tax is the best example of fascism, but the tax does remind me of a drowning victim irrationally grasping for anything to save herself, even if it's a potential rescuer about to be pulled under by the victim. 

I believe rescuers are taught that in extreme situations it's necessary to punch, immobilize, etc. the drowning victim to ensure at least one of them survives.

Dear Italians... take what you will from this analogy.

Sun, 02/16/2014 - 15:03 | 4442480 layman_please
layman_please's picture

withholding tax is obviously not fascism. diminishing border between government and banks is. governments without banks would grind to a halt if they would exist in the current state at all. what this implies is the fact the banks are now above the law as governments have always been. 

in todays world the truth is the government is just the right hand of the banks, not the other way around though in this case it seems the government dictates how commercial banks should cooperate(is there any protest from the banks?). one can be sure this favor will be returned in one way or another.

"Fascism should more properly be called corporatism because it is the merger of state and corporate power." - Benito Mussolini. 

Sun, 02/16/2014 - 15:25 | 4442546 layman_please
layman_please's picture

one can also interpret this precedent as an introduction to a new practice where 20%(insert whatever number eu technocrats see fit) of peasant's account is reserved for bank or government emergency

or: how i learned to stop worrying and love the bail-ins.

Sun, 02/16/2014 - 15:20 | 4442545 Gold Eyed Cat
Gold Eyed Cat's picture

Fun Fact!  I once watched a panicing, handicapped man take my co-worker from the surface straight down 13 feet (a super smart, and very strong ex-marine).  That's why you should always throw or reach with a pole, never make physical contact.  And if a panicing person ever grabs you, feel free to grab them back and pull them to the bottom.  They will fight through punches, but even an irrational mind will release you if they think you are trying to drown them.

You made a pretty interesting analogy there.  Too big and insane to fight off? Yep.  But absolutely guaranteed to sink if people stop holding it up... or even helped pull it down.

 

 

 

Sun, 02/16/2014 - 18:14 | 4442929 Pseudonymous
Pseudonymous's picture

You see the Italian government as a living person (if I get your metaphor correctly, as the drowning victim)? I don't like this particular thing about this otherwise very good metaphor . A government doesn't have anything in common with a living organizm any more than a malignant tumor does. Therefore there can not be any rational compassion for it and no will to rescue it (except maybe if you could put it in a petri dish and study it for the benefit of science).

Sun, 02/16/2014 - 16:39 | 4442721 resurger
resurger's picture

The whale rots from the head

Sun, 02/16/2014 - 13:01 | 4442195 insanelysane
insanelysane's picture

So what exactly is inbound?  I thought the EU was one big happy union so surely inbound means from outside the EU.

Of course the number of inbound transactions just went down 80%.

Sun, 02/16/2014 - 13:11 | 4442221 ParkAveFlasher
ParkAveFlasher's picture

Gold, bitchez.

Sun, 02/16/2014 - 13:50 | 4442301 CrashisOptimistic
CrashisOptimistic's picture

No.  Gold is detectable.

This is why bitcoin is the only way.  It wont xray at airports.  Simply and only that.

Sun, 02/16/2014 - 14:09 | 4442348 chemystical
chemystical's picture

in this context might you at least start using 'cc' or 'cryptocurrency' instead of misleading the reader to believe that there is only one cc and that its name is 'bitcoin'?

a particularly important request when considered with your comment "...is the only way". 

Sun, 02/16/2014 - 14:16 | 4442368 CrashisOptimistic
CrashisOptimistic's picture

Well there are isotopes of Gold that are short lived but nonetheless exist.  Or silver. 

It's not metaphorical.  It's just an accepted standard.

Sun, 02/16/2014 - 14:55 | 4442474 chemystical
chemystical's picture

"It's not metaphorical. It's just an accepted standard."

Only here, and only by some herein.  The real user community trades in multiple cc and acknowldges them each by name.  Btc has not (and in my estimation will not) reach the status of "crayola", "xerox', and "kleenex".

checkout the cc blogs and you'll see what I mean.  otoh the others do not have a following of devotees who prattle on about them 24/7. 

try coindesk.com or fonestar's beloved btc-e.com. 

if you're really a supporter a cc, then in the short run and long run you'd do it a favor by distancing and dissociating it from Btc and the shock and awe headlines.  This aint Highlander and "there can be only one" does not apply.

Sun, 02/16/2014 - 16:01 | 4442628 kaiserhoff
kaiserhoff's picture

@insanely,

The whole point of inbound, is so you won't catch any actual money launders, like the Pope, the Mafia, etc. who would be smuggling cash OUT of Italy to Switzerland, Monte Carlo, whatever.  Much like the French, checking for drugs on trains headed North, to Amsterdam.

Sun, 02/16/2014 - 16:45 | 4442739 sessinpo
sessinpo's picture

Anything can be taxed. CC can be taxed at point of sale. Eventually the CC has to be used for something. This applies to PMs also. The idea that certain forms of wealth or currency can't be taxed is false.

Mon, 02/17/2014 - 01:17 | 4444242 Nick Jihad
Nick Jihad's picture

In an exchange of goods or services for money, then yes, taxation is possible. But if you are simply trying to transmit purchasing power across a national border, it is difficult to tax a cryptocurrency.

Sun, 02/16/2014 - 16:36 | 4442708 resurger
resurger's picture

What if i tell you that i have a mini EMP device that can fry you hard disk?

Mon, 02/17/2014 - 03:19 | 4444356 JustUsChickensHere
JustUsChickensHere's picture

Who would rely on just one copy of their wallet(s)?   And who would rely on electronics for cold storage of their cc?  Look up 'paper wallets', and 'brain wallets' for how to really avoid a localized EMP threat like the one you mention.

Sun, 02/16/2014 - 17:11 | 4442809 Cacete de Ouro
Cacete de Ouro's picture

Gold goes inbound from Milan airport across the Swiss boarder to Lugano to the big refineries of Pamp, Valcambi and Argor-Heraeus...

Italian Financial police really need to look at this flow, and stop picking on the poor Japanese businessmen on trains with briefcases full of old UBS gold certificates

Sun, 02/16/2014 - 13:36 | 4442277 semperfidelis
semperfidelis's picture

As long as they are in Schengen this is useless. You can go to Slovenia or Croatia and get all the cash you want.

Sun, 02/16/2014 - 16:04 | 4442639 Martel
Martel's picture

Sounds very much like this rule is against EU's basic tenet of free capital flows. I could imagine this rule will be contested in Brussels.

Sun, 02/16/2014 - 13:33 | 4442268 Offthebeach
Offthebeach's picture

Tell me there isn't a hugh demand for the product/service/WTF of the type that is known as Bitcoin.
People want a safe medium of exchange so that they can trade with others without the elites whipping the skin off until you can see the white bones of our backsides.

But, they won't quit.
More and more are on to them. (Yeah you to NSA)

Sun, 02/16/2014 - 13:58 | 4442316 infiniti
infiniti's picture

Bitshit just plunged 30% in a week and people couldn't even get their money out of it, why the fuck would people move their wealth into that?

Sun, 02/16/2014 - 14:17 | 4442373 CrashisOptimistic
CrashisOptimistic's picture

Because it's the only way to be portable beyond borders. 

You see volatility and you don't like it?  What's the volatility of anything else when it's confiscated at the airport 100%?

Sun, 02/16/2014 - 15:02 | 4442494 chemystical
chemystical's picture

"Because it's the only way to be portable beyond borders."

Argh, another post implying that "Btc is the only cc".

Tomorrow I can transfer every cent I have to pretty much anywhere I want.  QED portable.  You need to add A LOT more to your statement to make it true, and most of thise additions are hypotheticals that begin with, "If.......,"

Sun, 02/16/2014 - 15:14 | 4442526 Colonel Klink
Colonel Klink's picture

Make sure to get the memory sticks with the rounded edges so they don't scratch your asshole on the way in!!

Sun, 02/16/2014 - 16:19 | 4442670 kaiserhoff
kaiserhoff's picture

Why do I think the TSA has already seen that routine;)?

Sun, 02/16/2014 - 18:41 | 4443046 Cacete de Ouro
Cacete de Ouro's picture

Just like the rounded edges on the little square 5 and 10 Tola bars....,ask any inbound Indian jeweller from Dubai and they'll agree....ahh those nice smooth tola bars, boss, yes sir

Sun, 02/16/2014 - 16:48 | 4442747 sessinpo
sessinpo's picture

And what happens when governments require retailers to report their CC transactions and also pay whatever tax on that? And won't that tax be passed onto the CC user?

Sun, 02/16/2014 - 20:56 | 4443456 15horses1donkey
15horses1donkey's picture

Kind of right, but wrong. You couldn't get your money out of mt.gox. God knows they are a pain in the ass, I waited over 7 months for a single small <1k withdrawal to boot. However, a different provider, coinjar, could give me a few thousand in less than 24 hours, as a verified withdrawal.  My point being that to transfer between mt. Gox and coinjar took less than a minute. I have no doubt there are many companies like coinjar, only a single transfer away.... I suggest that Bitcoin is highly liquid if you want to convert from btc to fiat, you just need the right company.

Sun, 02/16/2014 - 14:24 | 4442395 chemystical
chemystical's picture

"People want a safe medium of exchange so that they can trade with others without the elites whipping the skin off until you can see the white bones of our backsides."

I understand the sentiment, but the hyperbole is unbecoming and cannot withstand challenge.  Central banks, the filth that infests them, and their fiat can all rot, so please understand my stance. 

I safely traded $4000 just yesterday.  From my bank to my creditors' accounts.  Went pretty smoothly.  Didn't cost me a farthing in the immediate sense.  Yes, there are minute costs that the vendors roll into price, but my flesh is intact.  We also just transfered funds from PayPayl to our bank.  That went pretty smoothly too.  PayPal's merchant accounts do have a cost to us, but as there are alternative ways to pay us, I must assume that some customers perfer to use PayPal versus VISA or Discover.  If the few bucks to PayPay earns a sale that otherwise wouldn't have been made, then all is good.

When cc really takes off, it will require additional layers of costs too: no one is going to provide escrow or insurance for free, and folks like Bitpay already exact their pound of flesh.

What cc offers as it's (only?) real benefit is that Alan can't tell Robert, and Ben can't tell Timmy, and Janet can't tell Jacob, and..."Schlomo" can't tell "Herschel" to print another $80BN out of thin air.

* re Schlomo and Herschel: I'm just assuming, and am confident in that assumption

Sun, 02/16/2014 - 16:58 | 4442774 LawsofPhysics
LawsofPhysics's picture

"."Schlomo" can't tell "Herschel" to print another $80BN out of thin air." -  Bullshit.  they can't "print" bitcoin, but they sure as hell can print fiat and still buy bitcoin.

 

cryptocurrencies do nothing to address the fraud and until the fraud is addressed, nothing changes.

Once the supply lines break and people start dying in mass, then something might be done, but certainly not before.  Apparent humanity hasn't really learned shit.  history and our present behavior is pretty clear on this.

Tue, 02/18/2014 - 01:41 | 4447055 Muc Metals
Muc Metals's picture

"."Schlomo" can't tell "Herschel" to print another $80BN out of thin air." -  Bullshit.  they can't "print" bitcoin, but they sure as hell can print fiat and still buy bitcoin.

Yes, they can buy lots of bitcoins with their freshly printed money.
But what will that do to the market price of bitcoin?

Sun, 02/16/2014 - 17:37 | 4442862 centipede
centipede's picture

"What cc offers as it's (only?) real benefit is that Alan can't tell Robert, and Ben can't tell Timmy, and Janet can't tell Jacob, and..."Schlomo" can't tell "Herschel" to print another $80BN out of thin air."

Even that is not true. Everybody can teoretically create his "safe" cc with the available technology out of thin air. And not only one cc.

There is another problem. Fiat currencies out of thin air are a legal tender, which means that you heve to use them to pay taxes and any debt to you is required to be payed in them. So they are used for that reason only. Governments will not be interested to replace them with ccs, they can not counterfeit and control. If somebody ows you money in cc who is going to inforce the contract by the law?

So there can be endless supply of ccs out of thin air and they will not be legal tender and the subject to a legal contract under the law. Is that your concept of "safe" money and why should I use such a currency? How the value of cc is going to be determined in competition with those many other ccs? There is no intrinsic value whatsoever other than that they can not be counterfeited within their own algorithm but at the same time can be replaced by countless other ccs. How is investing into ccs better than pure gambling? It is not possible to estimate probability what the price of any cc will be at any moment in the future.

Sun, 02/16/2014 - 21:43 | 4443593 chemystical
chemystical's picture

i don't disagree in the least.  i've written many (too many_ paragraphs here describing the lack of barrier to entry and the absence of merchant/iuser incentive to adhere to Btc, wtfcoin, facecoin, googlecoin, or...., and I've written extenseovely on the fragility of the network effect, and how the network of OTHER PEOPLE's assets is the ONLY thing that could come close to being termed Btc's "asset".

I was merely pointing out the only advantage. 

@ physcs, I agrre but Janet can;t buy every issue of every cc, and there;s also the teensy problem with that demand jacking up the price.

not a btc lover or cc lover by ANY means bt I do try to remain objective...well, except about fonestar ;)

pardon what i assume are innuermable typos,  typing without glasses and in the dark.

Mon, 02/17/2014 - 03:47 | 4444394 centipede
centipede's picture

OK, I see you get it. It seems to me, that it is getting more and more ridiculous with all that money out of thin air. As if paper counterfeited by the government wasn't absurd enough we are going to exchange real values for encrypted numbers created by just anybody out of thin air. That is the essence of the whole bullshit. Until now it was just the government pretending printing values on the paper and exchanging for real values. From now on everybody can do that and not even need any paper. I fail to see any improvement, just the opposite. But maybe I will try to create my own ccs using my name centipede_coin1, centipede_coin2, centipede_coin3 ... centipede_coinN instead of working my ass off and see what happens, how rich will we all become.

Sun, 02/16/2014 - 13:41 | 4442286 midtowng
midtowng's picture

This is only going to push people to move their bank accounts overseas to unregulated countries.

Sun, 02/16/2014 - 14:19 | 4442380 disabledvet
disabledvet's picture

that's why the passed the law.
this has already happened...but folks are still collecting payments from "banks abroad."

in effect...you'd better be ready to move to where your money is or else repatriate and put it in an Italian Bank.

Sun, 02/16/2014 - 15:30 | 4442567 Wile-E-Coyote
Wile-E-Coyote's picture

This is going to be bullish for suitcases.

Sun, 02/16/2014 - 19:36 | 4443219 TrustbutVerify
TrustbutVerify's picture

True enough!  Like the minimum wage in the US...why not $20 or $30 per hour!  Since the unspoken obvious reality is all this is these measures are only going to "F" things up...go full throttle!  

P-A-R-T-A-Y!  

Sun, 02/16/2014 - 14:21 | 4442384 chunkylover42
chunkylover42's picture

to be fair, all Italians ARE money launderers

Sun, 02/16/2014 - 17:50 | 4442901 Idleproc
Idleproc's picture

You will laugh.
After the Goldman Boy we'll have an Imbecile as Prime Minister.

Sun, 02/16/2014 - 21:08 | 4443482 JuliaS
JuliaS's picture

Reminds me of a Russian comedy sketch where a traffic cop pulls people over randomly to check for violations.

First incident:

- Your license's expired. The fine is 100 roubles.

- I only have a 500 rouble bill.

The cop opens the documents 4 more times:

- Your license's expired. Your license's expired. Your license's expired. Your license's expired.

Mon, 02/17/2014 - 03:06 | 4444345 Canoe Driver
Canoe Driver's picture

They are allowing individuals to show the withholding as a credit against income taxes due, on the annual tax return. Therefore, if a conformed tax return does not include the withholding as against taxes due, or if no taxes are due, the taxpayer would be de facto entitled to a refund of the withholding. Any other result will amount to confiscation of wealth.

Mon, 02/17/2014 - 09:15 | 4444637 doctor10
doctor10's picture

Watching governments around the world increasingly treating their productive citizens as criminals is certainly going to have an interesting ending

Sun, 02/16/2014 - 12:47 | 4442160 Luckhasit
Luckhasit's picture

Does this mean Mario, the red panted plumber, has to pay 20% of the coins he earns when saves Peach?

Even Bowser thinks this is a suicidial idea...

Sun, 02/16/2014 - 13:23 | 4442247 Seasmoke
Seasmoke's picture

My 6YO will never allow it.....He has more balls than all of us

Sun, 02/16/2014 - 13:26 | 4442257 ParkAveFlasher
ParkAveFlasher's picture
  • BANCO DI BOWSER COLLAPSES, CITING UNEXPECTED INCREASE IN QUESTIONBOX WITHDRAWALS
Sun, 02/16/2014 - 12:48 | 4442162 Seize Mars
Seize Mars's picture

Ass-hole-a-Mio, Oh Sodom-ee-ah...

Sun, 02/16/2014 - 12:49 | 4442164 max2205
max2205's picture

Sounds like the gubermint needs cash pronto or now

Sun, 02/16/2014 - 12:57 | 4442177 TBT or not TBT
TBT or not TBT's picture

Italy is a little behind Greece in its own demographic collapse, so the welfare state is collapsing a little later.

Sun, 02/16/2014 - 14:20 | 4442383 disabledvet
disabledvet's picture

Greece has a budget surplus now.

HOOORAY FOR GREECE!

Sun, 02/16/2014 - 15:08 | 4442511 malek
malek's picture

So Greece has collapsed only due to demographics? I'd like to have some of what you're smoking.

Sun, 02/16/2014 - 17:40 | 4442872 Matt
Matt's picture

The demographics are being used as an explanation for why Greece is collapsing ahead of Italy, not as the sole reason for collapse.

Sun, 02/16/2014 - 15:33 | 4442571 Rafferty
Rafferty's picture

Italy is a little behind Greece in its own demographic collapse, so the welfare state is collapsing a little later.

 

NOOOO.  The country's population is growing.  Ok, the dying off Italians are being replaced by Africans, Arabs and Pakistanis, but the population is growing so that's good, isn't it?

Mon, 02/17/2014 - 03:15 | 4444353 Canoe Driver
Canoe Driver's picture

The demographic collapse is a close second to all the stealing and fraud.

Sun, 02/16/2014 - 12:56 | 4442166 TheReplacement
TheReplacement's picture

The fence is going up.  They are going to herd the people into bitcoins.  I wonder why.

But hey, at least they aren't French right?

Edit:  Why not bitcoin?

Sun, 02/16/2014 - 12:58 | 4442174 new game
new game's picture

yooo, desparation! sleize that money bitcheeezzzz!!!!

Sun, 02/16/2014 - 12:57 | 4442179 Ignatius
Ignatius's picture

I am in favor of this as this money could have come from anywhere.

One day soon we will all be confined to our beds with a camera pointed at us at all times.  But as long as the room comes with the Jessica Alba robotic fuck doll we've all been promised, I'm OK with it.  Safe and happy.

And people complain.

Sun, 02/16/2014 - 15:08 | 4442512 Peter Pan
Peter Pan's picture

I have news for you buddy. It's going to be a Janet Yellen doll.

Sun, 02/16/2014 - 12:58 | 4442184 logicalman
logicalman's picture

Government theft is becoming more and more blatant.

They may as well take 100% as tax and just give back enough to keep Joe Public quiet.....

Hang on a minute.....

Sun, 02/16/2014 - 12:59 | 4442189 FieldingMellish
FieldingMellish's picture

I gather large banks, like HSBC, are exempt. Probably a loophole for property buyers as well.

Sun, 02/16/2014 - 13:45 | 4442294 Clever Name
Clever Name's picture

No mention of corporations, just "an individual Italian".

Interesting...

Sun, 02/16/2014 - 14:49 | 4442461 booboo
booboo's picture

well it say's right there in the article that you can apply for an exemption so I did, they wanted to know what crime family would be sponsoring me.

Sun, 02/16/2014 - 13:03 | 4442198 starman
starman's picture

! What a fuck circus! Gasping fir air before death. 

Sun, 02/16/2014 - 13:04 | 4442200 insanelysane
insanelysane's picture

Retroactive to Feb 1 which means govt officials and other connected people did all of their transactions in January because if you could go retroactive to Feb 1, you could surely go retroactive to Jan 1 which makes more sense.

Sun, 02/16/2014 - 13:13 | 4442206 Abi Normal
Abi Normal's picture

I know many of you hate me, but that is AOK, that is your right.  There is a way to effect change:

http://patriotsforamerica.ning.com/

http://www.youtube.com/watch?v=EMim-LMCPz4

I feel this is going to be a dicey situation, but it is an action that needs to happen.  So instead of banging keyborads, and your head against the wall, look into becoming a part of the restoration!

5/16/2014 in DC...

another link:

http://www.youtube.com/watch?v=wUxLa7yJiIs


Sun, 02/16/2014 - 14:10 | 4442238 Drifter
Drifter's picture

"Phase 1 - Field millions, as many as ten million, patriots who will assemble in a peaceful, non-violent, physically unarmed (Spiritually/Constitutionally armed), display of unswerving loyalty to the US Constitution and against the incumbent government leadership, in Washington, D.C., with the mission to bring down the existing leadership"

"Phase 2 - One million or more of the assembled 10 million must be prepared to stay in D.C. as long as it takes to see Obama, Biden, Reid, McConnell, Boehner, Pelosi, and Attorney General Holder removed from office."

Knock your stupid selves out if it makes you feel like you're doing something, but you won't accomplish anything, you'll be ignored, ordered to disperse, or arrested.

A million show up locked loaded and ready to shoot (and die), ok, you might get their attention.  Better make it 4 million.

And drop the "spiritually armed" bullshit.  You sound like blathering fools.  Hmmm, maybe you are.

And what the hell is "constitutionally armed" supposed to mean?  Latest fake-patriot mumbo jumbo bullshit?  Of course it is.

Yep, fools.   That's obvious thinking a "peaceful unarmed march" will accomplish anything.

Sun, 02/16/2014 - 14:58 | 4442432 Abi Normal
Abi Normal's picture

Well then just go fuck yourself Drifter, you are a coward!  Not only are you a coward, you are weak, nothing but an empty shell.

Sun, 02/16/2014 - 15:18 | 4442534 Drifter
Drifter's picture

Hey dumbass, let's talk again after your stupid "peaceful unarmed march" accomplishes ZERO govt change, ok?  

Assuming you're not in jail ...and that's assuming you even show up for it.

Actually it might accomplish something, nationwide martial law. 

Idiots.

Sun, 02/16/2014 - 16:59 | 4442777 Abi Normal
Abi Normal's picture

yeah, you just wanna go shoot the place up, we can do this without firing a shot, why not give it a chance.  Martial law bwahahahhaha, the military may split 50-50 in that case we win, dumbass!

Sun, 02/16/2014 - 19:39 | 4443230 Drifter
Drifter's picture

Yep, standing around with your hands in your pockets will accompish a lot.

It'll be OWS 2.0, and we know what OWS 1.0 accomplished.   Nothing.

Martial law would split the military?  You really do live in a dream world.

You fake-patriot idiots are so predictable.

Sun, 02/16/2014 - 19:45 | 4443254 Abi Normal
Abi Normal's picture

Listen, I cant help it if you dont have a brain to think with, just putting the info out there...this is not fake, nor am i, so why dont you stop putting it and me down ok...just move along...you're probably not American anyway.

Sun, 02/16/2014 - 18:10 | 4442959 rqb1
rqb1's picture

go after term limits. Keep it simple.

Sun, 02/16/2014 - 13:21 | 4442241 cossack55
cossack55's picture

Patriotism is the last  refuge of a scoundrel.

 

                           Dr. Sam Johnson

Sun, 02/16/2014 - 13:40 | 4442284 Offthebeach
Offthebeach's picture

A scoundrel is the last refuge of a patriot.

All any regime can do is make the free less free, and the partial at liberty, slaves. Anyone who protests is a enemy of the state (of affairs) and a criminal by definition.

Sun, 02/16/2014 - 14:39 | 4442440 Abi Normal
Abi Normal's picture

LOL, then you are a statist, and you will be rooted out too, fluffy!

Sun, 02/16/2014 - 14:38 | 4442435 Abi Normal
Abi Normal's picture

Then YOU are the enemy, have a nice day, while you can, puke, you and your hair doktor!

Sun, 02/16/2014 - 15:39 | 4442581 Rafferty
Rafferty's picture

'TO:  Patriots (black, white, red, yellow, brown, male, female..'

 

Stopped reading right there.  You're beaten before you start because you're fighhting on THEIR terms.  Might as well have added gays, transgenders, illegal immmigrants etc. etc.

Sun, 02/16/2014 - 17:00 | 4442781 Abi Normal
Abi Normal's picture

All you have is tunnel vision, so be it, loser!

Sun, 02/16/2014 - 13:06 | 4442207 UGrev
UGrev's picture

Ma vaffanculo

Sun, 02/16/2014 - 13:08 | 4442213 infinity8
infinity8's picture

Longer lines at Western Union?

Sun, 02/16/2014 - 18:06 | 4442958 Skateboarder
Skateboarder's picture

At least we can willingly give up the lousy 10% transfer fee?

Sun, 02/16/2014 - 18:39 | 4443044 infinity8
infinity8's picture

Yup. Options, baby.

Sun, 02/16/2014 - 13:09 | 4442215 Mad_max
Mad_max's picture

Any chance an actual Italian trnaslation can be obtained? google translater is uber-shite.

 

Sun, 02/16/2014 - 13:10 | 4442218 royal
royal's picture

So much for any plans to wire money to Italy...

Sun, 02/16/2014 - 13:52 | 4442305 Unpopular Truth
Unpopular Truth's picture

you can still wire bitcoin

Sun, 02/16/2014 - 13:12 | 4442224 Drifter
Drifter's picture

Coming to a nation near you.

EU is test ground for future US govt actions ...except grabbing 401k's (they don't exist over there).

Sun, 02/16/2014 - 13:20 | 4442237 TBT or not TBT
TBT or not TBT's picture

I had a 401k sort of thing in France called a PEE, and I imagine they exist elsewhere in "Europe".

Sun, 02/16/2014 - 13:29 | 4442262 ParkAveFlasher
ParkAveFlasher's picture

PEE ... ah, wee wee!  leave it to the French to ignore the ironic futility of their centrally-planned hubris. 

Sun, 02/16/2014 - 14:33 | 4442421 chemystical
chemystical's picture

"except grabbing 401k's (they don't exist over there)."

Not exactly:

"Poland Confiscates Half Of Private Pension Funds To "Cut" Sovereign Debt Load"

http://www.zerohedge.com/news/2013-09-06/poland-confiscates-half-private-pension-funds-cut-sovereign-debt-load

In the USA you already have FICA (Federal Insurance "Contributions" Act) whereby 12.4% of the 1st $117K of your income is placed into a (rofl) "lockbox" as a forced retirement account.  Wait until MyRA becomes equally mandatory.

Sun, 02/16/2014 - 13:17 | 4442232 q99x2
q99x2's picture

Arrest Jamie Dimon for setting up a CIA operation with the NYPD centered out of 55 Broadway in oder to kill it's employees that turn whistleblowers.

Sun, 02/16/2014 - 13:24 | 4442248 ConfederateH
ConfederateH's picture

The are sh*tloads of italians who receive pension and other payments from Switzerland.  A large proportion of these Swiss pension recipients undoutably worked for part of their lives in Italy too where they probably receive a pension, likely means tested in some form of another.  No surprise that the italian tax authorities are trying to flush these guys out.

One of the most laughable statistics these days is youth unemployment in southern europe.  Any youth who is being payed in the black markets, that is in the untaxed (both income and VAT) cash based black market, is likely receiving unemployment compensation too.  Think hookers and drug dealers and gardeners and other low skilled labor.

So the issue here is not that these people manage to avoid the criminal socialist taxes, but that these criminal taxes have created such a tax loop hole that millions of "poor" "unemployed" southern europeans get to double dip on the backs of the bourgeouse that the socialist so despise.

Sun, 02/16/2014 - 13:26 | 4442256 Yen Cross
Yen Cross's picture

  What happens if an private Italian citizen sells his used car to a buyer in Germany or Spain? Are those inbound proceeds from the sale taxed at 20%?

Sun, 02/16/2014 - 13:30 | 4442263 DaddyO
DaddyO's picture

So has the price of all goods just been pushed up 20% in Italy and the EU?

Just like minimum wage hikes here in the USSA trigger wage push clauses in union contracts.

DaddyO

Sun, 02/16/2014 - 13:34 | 4442270 Yen Cross
Yen Cross's picture

    If that's the case then I would drive or fly to Italy and hand the seller cash for a 20% discount on the sale price, and cut the Italian .gov parasites altogether.

Sun, 02/16/2014 - 14:08 | 4442346 FlyingDutchman
FlyingDutchman's picture

Here in Belgium that's explicitly forbidden : no cash in the auto industry, elsewhere the treshold is 3 K.

And it's enforced : with fines, inspections and everything.

Sun, 02/16/2014 - 13:46 | 4442295 shovelhead
shovelhead's picture

Shhhhh.

Min. wage hikes are to help the little guy and not the big money donating unions who pushed the hike.

You must be a conspiracy theory type.

Sun, 02/16/2014 - 17:49 | 4442897 DaddyO
DaddyO's picture

Nah, all the conspiracy theories I had all became fact...

And the little guy thinks he got a bigger piece of the pie until he gets to the grocery store and finds the union boss in line ahead of him.

Not only are the wage push clauses activated, so are all other .gov contract workers, ever hear of Davis-Bacon?

DaddyO

Sun, 02/16/2014 - 13:36 | 4442272 JDFX
JDFX's picture

92 $trillion goes through the banks unchecked. The Italians might be onto someting, shrewd move.

Although they best get a few extra pillows for the horses heads, I guess.

 

Sun, 02/16/2014 - 13:36 | 4442275 proLiberty
proLiberty's picture

Can anyone recommend a bank in Singapore?

Sun, 02/16/2014 - 13:40 | 4442283 Yen Cross
Yen Cross's picture

  I've heard HSBC is pretty good at laundering money, and they just discontinued the large transfer teller inquiries.

Sun, 02/16/2014 - 15:40 | 4442584 Dubaibanker
Dubaibanker's picture

Try BNP, they are the largest foreign bank in Asia, quite conservative and good product platform. They set aside USD 1.1bn in France just last week which indicates they might have to pay for Iran sanctions bit which is not a biggie. They are out of Greece as well as Egypt and are the only major bank I know of who have been hiring people in the last 2-3 years and earning over USD 6bn each year as profits. They are also governed by local Singapore laws which makes them immune to any problems outside of Singapore even in the same bank. Others are too small and lack the platform. Try ABN AMRO also who learnt their bitter lesson of Iran sanctions as the first ones to pay fines in 2002 with a USD 110mn fine which seemed like a biggie at the time. 

If you do need more help, you may look me up again.

Sun, 02/16/2014 - 17:52 | 4442909 Koopa
Koopa's picture

And what about Citibank singapore ? I've seen on their site it's possible to open an account online.

Mon, 02/17/2014 - 04:23 | 4444428 Dubaibanker
Dubaibanker's picture

Online accounts are impossible to open even though they sound so nice in theory. Everything including passport, residence address and account opening documents need to be signed in person and verified in person unless going through someone known or met with personally.

Additionally, Just due to the fact that the parent is a US based company, I would be reluctant to open an account with Citi, Singapore. (we all know how the USD 16trillion in debt of US Govt-both private and public will get paid off). However, they do have a good product platform and decent service from Singapore. 

It also depends on the location/residence of the person opening the a/c. If it is Europe or USA, then just forget it. They need all the papers to prove it is a tax paid money and will make you sign all kind of papers to pass the blame to the client nowadays and dealing with Singapore will be a bit of a pain if you live anywhere in Europe or west of Middle East because they close at 6pm Sing time when Europe is just waking up!

Sun, 02/16/2014 - 13:39 | 4442281 the 300000000th...
the 300000000th percent's picture

Once again its called Bitcoin, takes care of this problem...... Cue all the haters that hate it sooooo much that its makes me wonder if they were raped by a Bitcoin. Cue all the BTC rape victimes, hahaha

Sun, 02/16/2014 - 13:52 | 4442304 shovelhead
shovelhead's picture

Au contraire,

isn't Bitcoin the preferred transaction media for sex slave traders everywhere?

Sun, 02/16/2014 - 14:40 | 4442445 chemystical
chemystical's picture

"isn't Bitcoin the preferred transaction media for sex slave traders everywhere?"

Reality suggests it is the ISR shekel.

Sun, 02/16/2014 - 17:13 | 4442814 the 300000000th...
the 300000000th percent's picture

No I believe you are getting Bitcoin mixed up with the old USD

Sun, 02/16/2014 - 13:48 | 4442297 JR
JR's picture

These developments are not about Italy.

And it’s a mistake to confine our attention to the technical aspects of this crisis.

This is simply the gathering storm of the international bankers versus the people. What’s happening in Italy can be interpreted as the harbinger of procedures that will be taken in other countries (translation: the United States).

Sun, 02/16/2014 - 13:52 | 4442299 infiniti
infiniti's picture

*

Sun, 02/16/2014 - 13:53 | 4442309 kchrisc
kchrisc's picture

Like the pelicans in "Finding Nemo," the criminals of government and their bankster masters only have one message: "Mine, mine, mine!"

http://www.youtube.com/watch?v=8xF8E6CvEAU

"Guillotines eat banksters."

Sun, 02/16/2014 - 14:15 | 4442366 gwar5
gwar5's picture

Same is going to happen to everyone. Time is now to protect yourselves.

 

Sun, 02/16/2014 - 14:15 | 4442367 gwar5
gwar5's picture

Same is going to happen to everyone. Time is now to protect yourselves.

 

Sun, 02/16/2014 - 14:28 | 4442405 whatthecurtains
whatthecurtains's picture

Paying moar taxes is a patriotic act - VP Biteme

Sun, 02/16/2014 - 14:28 | 4442407 BudFox2012
BudFox2012's picture

Up Next: Italy divided into 12 districts, and each year the districts will provide one male and one female (or in Italy's case, maybe just a less hairy male will do) tribute to fight to the death for Christine Legarde's entertainment....

Sun, 02/16/2014 - 14:43 | 4442450 chemystical
chemystical's picture

maybe they'll simply sodomize you for amusement.  Plunger Games?

Sun, 02/16/2014 - 14:38 | 4442437 dark pools of soros
dark pools of soros's picture

I guess the next Lambo sold for bitcoins will stay in bitcoins

Sun, 02/16/2014 - 14:56 | 4442477 JimS
JimS's picture

As soon as you mentioned "bitcoins" I am guessing pornstar will show up shortly. That's how he makes his living: promoting/defending "bitcoin".

Sun, 02/16/2014 - 15:12 | 4442523 JimS
JimS's picture

The first mention of "bitcoin" was at (it appears) 12:39, pornstar shows up at 13:11 promoting "bitcoin". He must have been eating, or taking a crap.

Sun, 02/16/2014 - 15:50 | 4442609 dark pools of soros
dark pools of soros's picture

he is just being a nutter for it..  I am in for the trade and the utility.  Its use is unquestioned, but price is a slave to many things  (currently crimps on cash inflows reduced to AML level trickles and delays.. and the exchange crisis with Gox)

Moving from gold to bitcoin a year or so ago and now moving back the last month or so has been a really good trade. And remember many of the gold nutters here run coin shops and just want more and more buyers regardless of price

 

 

Sun, 02/16/2014 - 14:53 | 4442469 Pseudonymous
Pseudonymous's picture

http://i.imgur.com/R3CaKks.png

Just fill the blank space.

Do NOT follow this link or you will be banned from the site!