Italy: Proposed amendment of tax forms for treaty relief on equities
On 12 September 2014, a meeting between the Italian Tax Authorities (ITA) and the Italian Association of Foreign Banks (“Associazione italiana delle banche estere” - AIBE) was held to discuss the current applicability of the forms issued by the ITA in July 2013 in regards to relief at source and refunds on Italian dividends based on Double Taxation Treaties (DTT) concluded with Italy.
The ITA agreed to continue the current discussions with AIBE that should result in the issuance of new updated official versions of the forms, which will take into consideration the suggestions provided by the Italian Agent Banks in line with the current market practice, in particular when more than one intermediary is involved in the investment chain.
Further meetings are expected to be held on the subject and final versions of the new forms are expected to be available in the next few months.
Furthermore, the ITA has confirmed that the current documentation submitted by market participants continues to be valid and accepted in order to benefit from relief at source and to file tax reclaims in the Italian market.
The main intermediaries have also mutually agreed to keep on using their own forms currently in place.
We continue to monitor the progress of this proposed amendment and will provide further information when it becomes available.
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