Italy: Standard refund applications older than 10 years
Following the information distributed by the market and confirming that reclaims submitted up to and including 2004 are considered by the Italian Tax Authorities as being closed, Clearstream Banking1 has further investigated this subject with Agenzia del Entrate in Pescara (“ITA”) who confirmed the information specifying that the justification is not limited to the 10-year prescription as circulated in the market.
ITA also reconfirmed that the status of the refunds can be requested by the beneficial owner or by his representative, only if there was a valid Power of Attorney when the refund was initially filed.
As a consequence and effective
1 October 2018
Clearstream Banking will close all the impacted reclaims (that is, filed prior to and including 2004) in its system. Customers or final beneficiaries should contact ITA directly to request the status of these reclaims.
Furthermore, customers being aware that part of impacted refunds have been paid or rejected by ITA directly to the final beneficial owners, should inform Clearstream Banking accordingly to complete the correct status. The communication must be done via SWIFT MT599 and addressed to PTS – Tax Services, Italian Market before the effective date.
Further information
For further information, please consult your Customer Service Officer, Customer Relationship Manager or Tax Help Desk.
------------------------------------------
1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248.