NEWS
Italian government’s tax
amnesty extended to April
The Italian government has
extended the deadline for
its offshore tax amnesty,
the Scudo Fiscale, to April
2010 and introduced a
sliding scale for penalties
based on when disclosures
are made.
It had been planned
that the amnesty would
close in mid-December
last year but, as the deadline
came last month, the
government announced an
extra four months would
be given to tax evaders to
disclose money held outside
Italy.
The original amnesty
imposed an extraordinary
tax of 5% on Italian taxpayers’
assets held abroad
as at 31 Dec, 2008 provided
that they were repatriated
or regularised by 15
Dec, 2009.
Taxpayers caught holding
undeclared assets after
this date risked a penalty
tax of up to 250%.
Under the extended
version, the penalties are
6% for assets declared
between 1 Jan and the
end of February 2010,
increasing to 7% for assets
declared between 1 March
and 30 April 2010.
The Italian authorities
reportedly netted as
much as €110bn in penalties
ahead of the initial
December deadline and
are believed to be confident
of receiving further
significant sums in the
run-up to the new April
deadline.
Some companies have
taken advantage of the
amnesty to offer products
catering for Italians
with offshore assets,
among them Luxembourg-
based company Lombard
International Assurance.
Globaleye advisory board to
guide company expansion
BY DANIEL JUDGE
Globaleye, the Dubaibased
IFA firm, has created
an advisory board
of senior financial services
professionals, including
lawyers, bankers and
asset managers.
The company said it had
established the board in
order to “guide us through
our continued expansion”,
highlighting that third-
quarter top line revenue
growth was 42%
year-on-year.
Tim Searle, chief executive
of Globaleye, said of
the advisory board: “We
are not aware of any other
IFA that has incorporated
an advisory board of some
senior and experienced
people of this nature who
offer advice and guidance
on matters taking the business
forward.
“With backgrounds in
compliance, legal, corporate
banking, credit management
and asset management,
the Globaleye
advisory board can offer
a valuable additional layer
and dynamic to the management
and influence
the business plan for 2010
and beyond.”
In addition to Dubai,
Globaleye has offices in
Singapore and Sau Paulo,
Brazil, and serves some
5,000 clients worldwide.
ADVISORY BOARD MEMBERS
The advisory board has five members. They are:
� Sandy Shipton, executive director of wealth management at
the Dubai International Financial Centre (DIFC) and a member
of the DIFC executive management team.
� Nick Ellison, a 30-year veteran of Standard Chartered Bank,
based in the City of London and, latterly, in Dubai.
� Graeme Muir, a lawyer who recently left his position as
international managing partner for the Middle East of
international law firm, Norton Rose, having established
the Dubai office in September 2003.
� Charles Mayhew, a commercial finance and credit specialist.
� Anthony Harris, a former diplomat who held postings in the
Middle East and Europe and now holds the role of senior
executive officer of Robert Fleming Insurance Brokers Middle
East, based in the DIFC.
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