Scanning No.1

TAX - ITALY Fiscal monitoring Background

Italian Financial intermediaries report on annual basis to the Agenzia dell’ Entrate (Italian Tax Au- thority) transactions to and from foreign countries. These communications are limited to transactions performed by individuals, non-profit organizations, partnerships and associations as reported in Arti- cle 5 of the consolidated tax law and in the Decree on December 22 th 1986, no. 917. What’s in there? Threshold for financial intermediaries to send information to the Italian Tax Authority for these transactions rises from 10 to 15 thousand euros (in a single transaction or in more split transac- tions).The new provision is in line with the Italian anti-money laundering legislation (Legislative De- cree 231/2007). FATCA - Italy signed the IGA with the US Background On January 10th 2014, Italy signed an IGA with the US in Rome. What’s in there? Ministry of Economy and Finance launched the public consultation on the draft decree to ratify the IGA. The draft decree provides a reference to other regulations to be issued before 1st July 2014, to establish collection and transmission procedures as well as the content and the timing of the com- munication to Italian tax authority. What’s next? Before the deadline of 1st of July, it is expected the finalized version of the Decree will be issued to- gether with all the other regulations to implement the reporting line to Italian tax authority.

Scanning This publication is produced by Legal and Compliance teams of CACEIS with the kind support of Communication teams and Group Business Development Support teams.

Editors Gaëlle Kerboeuf, Group General Counsel @ Marie-Andrée Bonnet, Compliance and Regulatory Watch Manager (France) @ Permanent Editorial Committee Gaëlle Kerboeuf, Group General Counsel Marie-Andrée Bonnet, Compliance and Regulatory Watch Manager (France) Chantal Slim, Head of Legal (CACEIS Bank France) Eliane Meziani-Landez (Head of Fund Structuring France) Emilie Zaracki (Legal Officer) Ana Vazquez, Head of Fund Structuring and Domicile (Luxembourg) Véronique Bastin, Head of Compliance (Luxembourg) Stefan Ullrich, Head of Legal (Germany) Costanza Bucci, Legal and Compliance Manager (Italy) Mireille Mol, Legal and Compliance Manager (Netherlands) Laura Guzzi, Legal Manager (Belgium) Helen Martin, Head of Legal (Ireland) Sarah Perrier, Head of Legal and Compliance (Switzerland) Philippe Naudé, Marketing and Communication Specialist (France) Arianna Arzeni, Head of Group Business Development Support

Design Sylvie Revest, CACEIS, Communications

Photos credit Yves Maisonneuve, Yves Colllinet, CACEIS, Fotolia

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This publication is provided by CACEIS from sources believed to be reliable. The present publication is not intended as an offer to sell or a commercial solicitation and may be amended at any time by CACEIS. Information contained in the present newsletter are not a substitute to legal, taxation or investment consultation or advice from an appropriately qualified profes- sional. CACEIS does not warrant the accuracy and completeness of this newsletter, nor endorse or make any interpretation about its content. In no event will CACEIS be liable for any damages whatsoever arising out of the use of, or reliance on the content of this newsletter. Unauthorized used or distribution without the prior written permission of CACEIS is prohibited.

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