Italy: Proposed increase of standard withholding tax rate - update
Following our TaxFlash T14028 of 14 March 2014, we inform customers that the Italian Council of Ministers approved on 8 April 2014 the “Documento di Economia e Finanza 2014” (Economic and Financial Plan 2014) which, among others, sets forth the amendment of the tax rates applicable to the Italian financial incomes.
According to the main financial press, starting from 1 July 2014 (and not 1 May 2014 as previously announced), the tax rates will be increased from 20% to 26% in relation to the incomes deriving from Italian shares and bonds, except for the Italian Government bonds (for which the 12.5% tax rate remains unchanged).
As soon as the relevant forthcoming law provisions are approved and published, we will inform customers accordingly.
| This Taxflash is intended to provide customers with general information gathered from different sources that are generally believed to be reliable. Clearstream Banking S.A. does not guarantee the accuracy or completeness of the information and does not undertake to keep it up to date. Use of the information made available in this Taxflash is at the customer’s own risk and Clearstream Banking S.A., its subsidiaries and affiliates expressly disclaim any liability for any errors or omissions reflected herein. The information in this TaxFlash does not constitute legal or tax advice. |