The agreement will allow the Italian tax authorities to ask for financial information about Italian residents who hold assets in Swiss bank accounts. So far, those requests were not possible due to secrecy laws covering assets held in Swiss banks.

The request for information can be made in relation to individuals, as well as groups of people and companies, on the basis of their irregular and elusive behaviour.

The protocol, which aims to simplify the exchange of information between Italy and Switzerland, also includes a roadmap with commitments to make reductions to withholding tax rates on dividends and interest payments and to modify the taxation of cross-border workers.

This will help Italian government to have control over Italians with undeclared assets in Switzerland, whose details can be now disclosed. The deadline for signing the protocol is set on March 2, 2015.