Vatican, Italy reach accord to share financial data, guard against tax evasion

April 01, 2015

The Vatican has reached an agreement with Italy to share financial information that could be used detect tax evasion.

The new accord will allow Italian authorities access to financial records of Italian residents who have accounts with the Vatican bank, to ensure that they report taxable income. The agreement, the Vatican explained, “will enable full compliance, with simplified procedures, with the tax obligations relating to financial assets held by institutions engaging in financial activities in the Holy See by various physical and legal persons resident in Italy.”

The financial agreement extends the Vatican’s campaign for transparency and accountability in financial dealings.

 

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Further information:

• Tax agreement between the Holy See and the Italian Republic (VIS)
• Italy, Vatican sign financial information exchange deal (Reuters)
• Vatican near accord with Italy on sharing financial data to trace tax evaders? (CWN, 3/31)