http://www.zerohedge.com/news/2014-...taly-imposes-20-tax-withholding-all-inbound-m So in Italy now, if you have an incoming wire transfer, you automatically pay 20% unless you can prove you're not a money launderer. Bitcoin is about to be the goto currency for wire transfers in Italy now.
I don't understand the rationale why one would squeeze the money supply. Potentially, this type of money would invest in Italy. I 'd do the other way around (to make it hard to take money out of Italy). probably, too much dark money generated by the Mafia
If you read it you would have learned that this news is quoted from here: http://www.ilsole24ore.com/art/noti...omatica-bonifici-estero-064329.shtml#comments Maybe some native Italian, here on ET, can confirm?
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I know Italys domestic taxes are as high as 60% for regular workers.. They even have automatic alerts to their tax collectors for transaction over 1000 euro..
unless you can prove you're not a money launderer It seems to me that is a key element. The implication being that the majority of inbound to Italy wire transfers are about money laundering.:eek: