Italy zeroes in on tax trades by Wall Street: banking heavyweights will receive small part of $5.4 billion owed

Article Abstract:

Prosecutors in cases involving tax-related trades in Italy have obtained agreements in principle with four major American banks in an effort to curb transactions driven by lucrative tax deals. Lehman Brothers Holdings Inc., J.P. Morgan Chase and Col, Goldman Sachs Group Inc., and Citigroup Inc. will get between 5% and 25% of tax credits owed to them.

Commercial Banks, Investment Banking and Securities Dealing, Investment Banking, Financial Services, Finance and Insurance, DEPOSITORY INSTITUTIONS, Security brokers and dealers, Securities & Commodities Services, Securities, Commodity Contracts, and Other Financial Investments and Related Activities, United States, Banking industry, Company legal issue, Cases, Financial services industry, Investment banks, Securities industry, Lehman Brothers Holdings Inc., Citigroup Inc., C, JPM, The Goldman Sachs Group Inc., Tax credits, JPMorgan Chase & Co.

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In Italian crackdown, tax cheats get the boot: new tools help officials find chronic evaders; ending a 'vicious cycle'

Article Abstract:

The Italian government has launched new measures to curb tax evasion, including facilitating the examination of bank accounts by tax officials, harsher penalties for entities that do not issue receipts to their customers, and limiting cash transactions for payments at or less than 1,000 euros.

Prevention, Tax evasion

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EU reaches tax deal after Italy wins leniency for dairy farmers

Article Abstract:

Italy was successful in gaining a tax leniency from the European Union for the former's dairy farmers. The move brought brought about a deal by the EU to mandate taxes on the interest that wealthy savers make outside of their home nation.

Dairy industry, Dairy products industry, European Union, Interest, Interest (Finance)

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