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Legislation

Legislation Highlights of the Finance Act for 1996 Most of the provisions contained in Law 459 of 28 December 1995 (hereinafter referred to as 'the Finance Act'), accompanying the Italian Finance Act for 1996, will be of no or little relevance for foreign investors. The amendments which are likely to have an international impact - with special regard to EC leg~slatlon- are highlighted as follows. Paragraph 168 of art. 3 of the Finance Act, delegates the Government to rationalize by 1 April 1996, the withholding tax regime of interest on public and prlvate bonds. Among other provisions, it is specifically provided for the elimination of the withholding tax on interest on both private and public bonds received by non-resident investors. However, Interest paid to persons resident in jurisdictions with a privileged tax regime will continue to be subject to the withholding tax. Under art. 76, para. 7 bis, of the Italian Income Tax Code (ITC), a foreign tax regime is deemed to be privileged if it is a non-EU Member State and no income taxes are levied or the income derived by resident companies is subject to a taxation of less than one-half of the taxation altogether levied in http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png EC Tax Review Kluwer Law International

Legislation

Vasco
EC Tax Review , Volume 5 (2) – Jun 1, 1996
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Kluwer Law International
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Copyright © Kluwer Law International
ISSN
0928-2750
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Abstract

Highlights of the Finance Act for 1996 Most of the provisions contained in Law 459 of 28 December 1995 (hereinafter referred to as 'the Finance Act'), accompanying the Italian Finance Act for 1996, will be of no or little relevance for foreign investors. The amendments which are likely to have an international impact - with special regard to EC leg~slatlon- are highlighted as follows. Paragraph 168 of art. 3 of the Finance Act, delegates the Government to rationalize by 1 April 1996, the withholding tax regime of interest on public and prlvate bonds. Among other provisions, it is specifically provided for the elimination of the withholding tax on interest on both private and public bonds received by non-resident investors. However, Interest paid to persons resident in jurisdictions with a privileged tax regime will continue to be subject to the withholding tax. Under art. 76, para. 7 bis, of the Italian Income Tax Code (ITC), a foreign tax regime is deemed to be privileged if it is a non-EU Member State and no income taxes are levied or the income derived by resident companies is subject to a taxation of less than one-half of the taxation altogether levied in

Journal

EC Tax Review – Kluwer Law International

Published: Jun 1, 1996

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