Following the success of the 2016 and 2022 programs, the Ministry of Finance is signaling a potential "Tax Amnesty Volume III" slated for early 2026. This program aims to capture undeclared assets, particularly those held offshore and in digital assets (crypto-currencies).
Who Should Prepare?
This program is particularly relevant for High Net Worth Individuals (HNWIs) and corporations with complex cross-border structures. The Automatic Exchange of Information (AEOI) has made it increasingly difficult to hide offshore assets, making this amnesty a crucial window for compliance.
We advise our clients to perform an internal tax diagnostic review immediately. Identifying discrepancies in reported assets versus actual holdings now will allow for a strategic approach to the amnesty declaration, potentially saving significant amounts in penalties.
