by Giuseppe Monticelli — Banks in Italy have been ordered by the government to withhold a 20% “tax” on all inbound payments. This order has been put into force retroactively over a year ago. Still, the situation has not yet improved again. “The deductions will be automatic, and then it will be up to the taxpayer to prove the money is not compensation ‘income.’” All Italians are accordingly suspected to be money launderers and tax evaders, unless proven innocent. It is interesting to note that common legal principles are single-handedly turned on their heads by pressed-for-money governments. The development comes roughly a year after Brussels bureaucrats set a precedent for stealing private households’ monies in Cyprus, forcibly taking half of people’s savings out of bank accounts in that country.
Photo by Mark Mage, ©2014 Mark Mage. All rights resereved.