“Money Launderer Until Proven Innocent” – Italy Imposes 20% Tax Withholding On All Inbound Money Transfers

Sunday, February 16, 2014
By Paul Martin

by Tyler Durden
ZeroHedge.com
02/16/2014

While the propaganda surrounding Europe’s “recovery” has reached deafening levels, what is going on behind the scenes is quite the opposite, and in the latest example that Europe is increasingly formalizing a regime of implicit capital controls, we learn that Italy has just ordered banks to withhold a 20% tax on all inbound wire transfers: a decree which on to of everything will apply retroactively to February 1. As Il Sole reports, “the deductions will be automatic (unless prior request for exclusion), and then it will be up to the taxpayer to prove that the money is not in the nature of compensation “income.” In other words, as of this moment, but really starting two weeks ago, all Italians are money launderers unless proven innocent.

The Rest…HERE

Leave a Reply

Support Revolution Radio