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Archive » December 2022 » Banks’ cooperative compliance: the Italian experience

Banks’ cooperative compliance: the Italian experience

Andrea Nobili, Roberto Vertolli, Valentino Tamburro
December 2022 - n. 12
Keywords: Banche, cooperative compliance
Jel codes: G21, G28

Cooperative compliance plays an important role in competition among jurisdictions. Seven years after the Legislative Decree No. 128 of August 5, 2015 entered into force, it is possible to draw a first evaluation. The positive assessment of the requirements to access the cooperative compliance scheme has opened the way to identify areas for improvement about the existing safeguards for the management and control of tax risk. In general, those banks that have joined cooperative compliance positively evaluate the early consultation with the Revenue Service, considered a smooth procedure, without excessive bureaucracy, although there is potential room for improvement. The choice to join the cooperative compliance regime is an important factor in reassuring both investors and tax authorities about the virtuous relationship between internal revenue agency and taxpayers, which is increasingly evolving from an «inquisitorial» one to a «participatory» one. The correct tax risk management and transparency regarding corporate tax strategy is also set to play a pivotal role in sustainability reporting to the market.

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