The Italian tax authorities change everything as far as checks are concerned and new monitoring of purchases and current account movements are launched.
Let’s see how they work and when the compliance letter arrives.
For the Italian tax authorities, everything really changes, in fact the new controls they will cross current account data but above all financial data and real estate, credit card payments and electronic invoices.
I cross data from many different sources and the drones arrive
By combining all these data, the taxman will knock out practically all Italians who do anything wrong.
The new algorithm of the Revenue Agency is called Vera which means verification of financial relationships. It is a truly innovative algorithm that was presented by the minister of the economy and Daniele Franco and the privacy guarantor. These two institutions have basically given the green light to this new algorithm so with the new controls really no one will be able to escape. The purpose of these innovative controls is reduce tax evasion to just 15.8% by 2024.
2.5 million compliance letters
A truly ambitious goal. But let’s see how these new algorithms work and why so many tremble. The Revenue Agency has stated that it will also use drones to find ghost properties and will even monitor social networks to find out what is wrong. The Revenue Agency even provides 2.5 million compliance letters. It will be a real wave of letters what these thorough checks will follow. This is precisely because by crossing all these data practically no evader will be able to escape. According to experts, the tax evaders have very little chance of getting away with it.
Social networks and drones
The social network and drones will also play a very important role because from the social networks the Revenue Agency will be able to discover many precious data that can underline any discrepancy with respect to the tax return. But drones will also be key. In fact, the Revenue Agency are convinced that phantom properties or in any case non-compliant properties and therefore it will be the drones that will be able to establish what is wrong from the cadastral point of view. Special checks will be applied to VAT numbers and to those who rent summer homes.