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Italian tax amnesty yields 85b euros

ROME (Bloomberg) — Italy's amnesty on tax evasion yielded 85.1 billion euros through February 15, the central bank said in an e-mailed statement yesterday.

The figure differs from a December 29 estimate by the Economy Ministry that showed the amnesty had yielded 95 billion euros, the Bank of Italy said in the statement. The discrepancy was due to different sources used in the calculation, including works of art, which the central bank did not use.

Italians declared 60 billion euros in funds held in Switzerland as part of the amnesty, the central bank said.

Under the initial conditions of the amnesty, Italians could declare funds held abroad out of the reach of tax authorities and pay a five percent fee.