FX Week

Swissie unhurt by Italian tax amnesty

MARKET NEWS

ZURICH -- Italy's tax amnesty on repatriated funds has generated some outflow of money from Swiss bank accounts, but analysts surveyed by FX Week said the impact on the Swiss franc has been minimal.

Until the end of this month, when the lira ceases to be legal tender, any money repatriated back to Italy will be taxed just 2.5%, down from 40% previously, in a bid by the Italian government to bring home up to 20% of the e500 billion it believes is sitting in overseas tax havens, mainly in Switz