The Italian government has launched a tax amnesty called Tax Peace, aimed at reducing disputes and scrapping pending debts with the revenue agency. With immediate effect, it allows taxpayers to settle tax audit reports, deeds of assessment, tax court proceedings and tax collection notices by paying only the taxes assessed, without penalties and interest. Debts under EUR1,000 assessed for fiscal years 2000-2010 will be automatically written off. Tax returns containing mistakes or omissions can be amended by paying a 20 per cent fine.