Expatriates living in Italy should be aware of new tax laws which have come into effect, otherwise they could face hefty fines.
Previously, only assets worth €10,000 (£8,400) or more had to be declared to the authorities, but this minimum threshold has been scrapped, reports the Telegraph.
So as well as the property, shares and savings accounts that have always needed to be reported, expats must also make any type of UK bank account held, no matter how small the deposit, known.
No tax will be levied on these accounts, but failure to divulge them will lead to fines and further implications include more complicated tax return processes.
Expats must fill out a foreign asset monitoring return form alongside the Italian tax return and submit it to the authorities by September 30th each year.
The country's fiscal monitoring regime has also seen its €10,000 limit scrapped, so all transfers irrespective of size coming in and out of Italy must be reported.
Meanwhile, the controversial municipal real estate tax paid by property owners does not apply for the 2013 fiscal year, unless expats also have a second home in Italy.
In 2014 the municipal real estate tax will be replaced by a service tax, which will include waste collections and other local amenities together in one bill.
While the municipal real estate tax was the responsibility of the owner of a property, the new service tax will come under the jurisdiction of the occupant.
This will mean a considerable increase in outgoings for expats renting properties or those who have their accommodation provided by their employer.
Alex Gomez, a British student living in Rome, told the news provider: "Italian taxes are really confusing and this year even more so. But it looks like tenants will have to pay this service tax on top of the other expenses or be fined."
Expatriate Healthcare specialise in providing international health insurance. Make sure you're protected.
© Expatriate Healthcare