Italy: IFTT : FAQ about the implementation of rates applicable from 2014
The Italian Tax Authorities (ITA) have published a Frequently Asked Questions (FAQ) document about the effective implementation date of the Italian Financial Transaction Tax (IFTT) rates on shares and assimilated instruments that will be valid from 2014.
As foreseen in the Decree implementing the IFTT, the standard rates applicable for the IFTT for shares and assimilated instruments are as follows:
- 0.2% for transactions executed outside Regulated Markets or Multilateral Trading Facilities (MTFs);
- 0.1% for transfers of ownership that occur as a result of a transaction executed on a Regulated Market or MTF.
Trades involving participants in a Regulated Market or MTF and privately negotiated but registered on the Regulated Market or MTF pursuant to art. 19 of the EU Commission Regulation 1287/2006 also benefit from the reduced tax rate.
The Decree also specified that, for 2013, the above-mentioned rates were increased to 0.22% and 0.12% respectively.
In the FAQ that has just been published, the ITA have specified that the standard rates mentioned above will be applicable to transfers of ownership of shares and other assimilated financial instruments settled as from 1 January 2014.
The full FAQ is available (in Italian only) on the website of the Dipartimento delle Finanze.
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