The 2021 draft Italian budget law

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Once upon a time… the 2021 draft Italian budget law, or when regulatory (needs) meets investments (opportunities)

The 2021 draft Italian budget law provides for new interesting tax measures applicable from 1st of January 2021 that will undoubtedly enhance investments in Italian companies by European investment funds.

In particular, Luxembourg-based UCITs and AIFs managed by a regulated AIFM will benefit from full Italian tax-exemption on dividends received from and capital gains realised on their Italian shareholding (similar measures being already applicable to certain Italian outbound interest payments).

These new measures aim to put EU / EEA investments funds allowing an adequate exchange of information and Italian investment funds on the same tax footing, in line with a number of judgments rendered by the CJEU over the last decade on dividend payments and with the recent action launched by the EU Commission against France on capital gain taxation.

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