Italian Tax Alert

On August 6, 2019, the Federal Tax Administration ("FTA") published a notice on a group request from the Italian Revenue Agency ("IRA") regarding accounts held at a major Swiss bank between February 23, 2015, and December 31, 2016. We cannot exclude that, in the future, other banking institutions could also be affected by similar group requests. The case opens a new ground for contention between tax authorities and Italian tax subjects, while also presenting new challenges for Swiss intermediaries and their customers.