Market Taxation Guide – Investment Funds – Italy
This Market Taxation Guide (Italy) provides the following details:
- Reference information about all taxes applied at source, through the transfer agents, to Italian Domiciled funds deposited in CBL; and
- Instructions for obtaining relief at source or a refund of withholding tax, where these are available, through CBL.
New and improved tax information and procedures that become available will be included on an ongoing basis.
Important note:
This Market Taxation Guide (including any attachments and other links) is for informational purposes only and is not intended and should not be considered to be legal advice on any subject matter. Readers of this Market Taxation Guide, whether clients or otherwise, should not act or refrain from acting on the basis of any information included in this Market Taxation Guide without seeking appropriate legal or other professional advice.
CBL will provide relief at source for the Italian Fund market – clients shall provide their Italian tax documentation together with the OTC signed. CBL does not provide Quick or Standard refund services for the Italian Fund market. Clients are advised to consult with their tax advisor for all tax related matters.
Holding Restrictions
Clients should refer to Holding Restrictions – Investment Funds – Italy.
Withholding tax
According to Italian domestic tax legislation, distributions from both Real Estate and Non Real Estate OICRs are subject to withholding tax of 26%. Exemptions may be applied depending on:
- Type of OICR (Non- Real estate OICR or Real estate OICR); and
- Type of investors.
Clients should consult with their tax advisor for further information.
Capital gains tax
There may be capital gains tax on gains arising from the redemption, sale or transfer of the investments held on a revenue account, depending on:
- The client's country of residency;
- The type of OICR (Non- Real estate OICR or Real estate OICR); and
- Type of investors. CBL does not assist in this regard.
Clients should consult with their tax advisor for further information.
Corporate Income Tax
Italian business investors include any income or loss derived from the investment in OICRs, regardless of the event from which it arises, in their own taxable income. CBL does not assist in this regard. clients should consult with their tax advisor for further information.