Italy tax shelter: Not so secret now

The end of fiscal havens may embarrass Italians most. Funds in off-shore accounts are estimated to be worth the equivalent of a third of Italy’s GDP, so widespread is the practice. For decades, successive governments have let substantial tax revenues slip across the border. Now is a good time to try to get some of that back. Both government and independent studies estimate offshore accounts come to E500bn-E600bn. That’s enough to buy all the companies listed on the Italian stock exchange, and le...