1997 has been for Italy a year of important changes in the area of taxation, many of which are still in the process of being approved. Among the measures that may be of greater interest to foreign dealers it is worth mentioning the ones pertaining to the "Dual Income Tax", anti avoidance and fiscal monitoring of international money movements.

As of this year there are no more restraints on the transfer of valuables into and out of the Country, both for residents and non-residents.

With decree law n. 125/1997 the Italian Law has adopted EU directive 91/308/CEE, abolishing the prohibition to carry money and securities for a sum exceeding twenty million lire. Indeed, the decree has modified the law on fiscal monitoring (L. 227/90) according to which the transfer was to be made through an authorized financial broker, which hindered considerably the free circulation of money.

According to the new regulations, anyone (whether resident in Italy or not) who wants to transfer capital into or out of the Country must fulfill only one obligation : he/she must deliver, when transiting through customs (for transfers outside the EU), or at a bank, post office or "Guardia di Finanza" (Tax Police) station (for transfers within the EU), a declaration indicating the sum of the valuables transferred, his/her personal details and those of the person on whose behalf the transfer is being made.