Italy Taxation. 3.1 Taxation of mutual funds

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1 Italy Taxation FUNDS AND FUND MANAGEMENT Taxation of mutual funds Both closed-end and open-end mutual funds in Italy are considered as independent patrimonies without a particular legal form. Funds are managed by a company, which is a separate entity with its own net worth. The funds are not liable to tax on income (IRES, the corporate income tax introduced by the Legislative Decree No 344 of 12 December 2003 that from 1 January 2004 has replaced IRPEG) or to regional business tax (IRAP). Following the implementation of Decree No 461/97, on 1 July 1998 funds are no longer liable to a tax on net worth. They are liable to a substitute tax levied on the net income accrued during the year. Income from capital investment (such as interest) is received gross of taxes, with a number of exceptions (for instance, a 27-percent withholding tax is to be collected on interest from bonds with a duration shorter than 18 months and a 27-percent substitute tax is to be levied at source on interest from foreign bonds with the same duration). A major change introduced by Decree No 461/97 concerns the possibility of receiving income from Italian government bonds gross of any upstream taxation. When the income is subject to upstream taxation, it does not accrue to the taxable income of the fund (see below). Miscellaneous income (such as capital gains), cashed or accrued, is computed gross of any upstream taxation. Therefore, as a general rule, both income from capital investment and miscellaneous income are received gross. The fund is then subject to a percent substitute tax, which is levied on the fund s operating income, accrued during the year. However, the part of the operating income consisting of capital gains on qualified participations (that is, participations in listed companies exceeding 10 percent of the net worth or share capital and participations in non-listed companies exceeding 50 percent of the net worth or share capital) is subject to a 27 percent substitute tax instead of 12.5 percent. The substitute

2 2 Italy Taxation tax at 27 percent is not applicable to mutual funds with 100 or more participants. The managing company or the SICAV assesses by 31 December of each year whether or not there are 100 participants; if the limit has been exceeded the lower rate of 12.5 percent is applied with effect from the subsequent year. The 27 percent rate is not applicable if more than 50 percent of the fund s units are held by institutional investors so-called qualifying investors - other than individuals (that is, banks, investment companies, SGRs, SICAVs, insurance companies, pension funds, and other subjects indicated in the regulatory rule provided for by Article 37 of Legislative Decree 28 February 1998, No 58). The fund s accrued operating income is composed of any income cashed or accrued during the year, with the exception of exempt income and income subject to definitive upstream taxation. A loss suffered by the fund can be carried forward. Furthermore the managing company can offset the loss of a fund with the operating income of other funds managed by the same company. The fund with the loss is given a tax credit equal to 12.5 percent of the transferred loss (27 percent if the loss derives from the sale of qualified shareholdings). If at the end of the fund s operating activity the units value is decreased and the negative result cannot be used by the managing company to offset the operating income of other funds (for instance, because the activity stopped in the course of the year), the management company is obliged to deliver to each unit-holder a certification of the loss. The unitholder is then allowed to offset the certified loss with other capital gains deriving from other products or the same product (for instance from the sale of non-qualified shareholdings note that the definition of qualifying is not the same as that provided in order to apply the 27-percent rate on the fund s operating income, bonds, derivatives contracts, etc, except those deriving from the sale of qualified shareholdings). The same tax treatment is applied to open-end investment companies (SICAVs) which are, however, liable to IRAP. No specific tax regulations are provided for the hedge funds. These types of alternative investments are governed under a Decree of the Bank of Italy (Decree No 228/99), amended by article 12 of Decree No 47 of 31 January Since hedge funds can be constituted as open-or as closed-end funds, the main element that distinguishes them from other types of funds is that assets can

3 3 Italy Taxation be invested without regard to the Bank of Italy s provisions on the limitations and the spreading of risk. Indeed, the legislator has not issued further fiscal provisions regulating hedge funds. The measures taken by the legislator whereby these types of funds, fall under wider categories of open and closed-end funds have been confirmed by the tax authorities. The tax authorities have officially acknowledged the taxation of hedge funds to be the same as that of open and closed-end investment funds established in Italy, as we shall illustrate in the paragraphs below. Taxation of resident unitholders/investors in a resident mutual fund Resident unitholders are subject to tax on the income derived from mutual funds, where the units of the fund are held in connection with a business activity: personal income tax (IRPEF) if they are individuals, and corporate income tax (IRES) if they are corporations. These unitholders are then entitled to a tax credit of 15 percent of the distributed profits. The tax credit is percent if the substitute tax has been applied at 27 percent. It is important to point out that taxation occurs when the income is actually cashed. If the fund units are not connected with a business activity, the profits arising from the fund are not included in the taxable income. Income subject to the above treatment includes distributed profit. It also includes income obtained through the redemption or transfer of units, when the income is determined as the increased value of the units with respect to their value when the fund started its operating activity (both computed with reference to the statements prepared by the management company). Should the investor fail to be covered by the above statements, hence obtaining a higher gain: the surplus would be subject to a 12.5-percent substitute tax, if units are not connected with a business activity; and an investor holding units in connection with a business activity would not be entitled to the 15 percent (or percent) tax credit on the surplus.

4 4 Italy Taxation Taxation of resident unitholders/investors in a non-resident mutual fund A resident unit-holder is liable to a 12.5-percent withholding tax on income derived from EU resident funds which conform to EU Directives and whose units are placed in Italy. The withholding tax is collected by the intermediary paying the income and is to be meant as definitive only for: individuals (when the units are not held in connection with a business activity); and entities exempt from or not subject to IRES. Other subjects account for the withholding tax as an advance payment to be balanced over the taxes due for the year. Income deriving from non-eu funds or from EU funds not conforming to EU Directives are included in the taxable income of the unitholder. However, should the income be cashed through an intermediary, a 12.5-percent withholding tax is levied. This tax is always meant as an advance payment. The exchange differences between the purchase and the sale of a fund's units do not represent a specific income item but are included in the taxable basis of the capital income (reddito di capitale). Only if the exchange differences cause a negative investment result (that is, when the negative difference due to the exchange rates is higher than the increase in the value of the units) does the negative investment result represent a capital loss (miscellaneous income) that can be offset against other capital gains deriving from other products or the same product (such as those from the sale of non-qualifying shareholdings, bonds, derivatives contracts, etc, with the exception of capital gains deriving from the sale of qualifying shareholdings). Taxation of non-resident unitholders/investors in a resident mutual fund Non-resident unitholders are entitled to receive an additional amount equal to 15 percent of the income obtained. This amount is paid either by the fund management company or by the SICAV and no request is made to the Italian tax authorities but it is akin to a repayment of a tax credit. Payment shall be requested by the end of December of the year the income is obtained. In order to obtain the payment the following conditions must be met:

5 5 Italy Taxation income received shall not be derived from the sale of units to third parties; and non-italian investors should be resident in a country which has a tax treaty with Italy containing an exchange of information clause. If all units of the fund are owned by non-italian investors resident in the countries mentioned above, and if the units of the fund are registered, the fund is exempted from the payment of the 12.5-percent substitute tax on the net income. Specific anti-avoidance provisions apply to the transfer of the units when the fund is exempted from the payment of the substitute tax. To obtain the refund of a sum equal to 15 percent of the income earned or exemption from taxation on the fund, non- resident unitholders have to deposit a self-certificate of residence when they subscribe to/with the management company or with the SICAV. 3.2 Taxation of real estate investment funds The Law No 410/2001 provides for the fiscal treatment applicable to closed-end real estate funds. According to the Law No 410/2001, as in force until 31 December 2003, a yearly substitute tax of 1 percent must be applied to the net accounting value of the fund, determined as the annual average of the values entered in the periodical statements prescribed by the Bank of Italy. This old provision still applies to the proceeds relating to fund s activity periods closed at 31 December Starting from 1 January 2004, Italian real estate investment funds will not be subject to tax at 1 percent of the fund s net value (except for family funds, see paragraph below), as provided by Decree No 269 of 30 September 2003 amended by Law No 326 of 24 November 2003 that amended the Law No 410/2001. According to the new provisions, in fact, Italian real estate funds will no longer be taxable entities and will not have to pay any income tax. At the same time they will not be entitled to benefit from the application of double-tax treaties any longer. The fund s income will be taxable upon receipt in the hands of investor, who will be subject to a withholding tax of 20 percent (12.5 percent for income accrued before 25 June 2008) levied on the fund s proceeds. The management company will apply the withholding tax, calculated on the difference between the settlement or redemption value and purchase or subscription cost.

6 6 Italy Taxation Please note that Article 3-quater of Law no 257/2004 has established that the contribution to Italian real estate funds of immovable property that is mostly rented at the moment of the contribution is excluded from the scope of VAT. Family real estate funds The D.L. No. 112/ effective from 25 June 2008, confirmed into law, with amendments, by Law No. 133/2008, effective from 22 August has introduced the following relevant changes in the tax treatment of Italian real estate funds: the introduction of an annual 1-percent tax on the net asset value that applies to funds qualifying under certain circumstances (so called family real estate funds); the increase from 12.5 percent to 20 percent of the withholding tax rate on profit distributions from the fund to the investors; and the introduction of a presumption of residence for tax purposes applicable at certain conditions to foreign investors in Italian real estate funds. An Italian real estate investment fund is qualified as a family real estate fund if it is not listed; it has an asset value lower than EUR 400 million, andeither one of the following requirements is met: the units of the fund are held by less than 10 investors, unless at least 50 percent of such units are held by Italian pension funds, Italian UCITS and other types of investors provided for the Decree; or the fund is established in the form of a designated fund or speculative fund (that is, fondi riservati and fondi speculativi respectively regulated by Arts. 15 and 16 of Ministerial Decree 24 May 1999 No. 228). In such a case, the net wealth tax applies if more than two thirds of the units of the fund are held, not in relation to a business activity: by one individual or by more individuals belonging to the same family (spouses, relatives within the third degree and persons related by affinity within the second degree); by companies or other entities controlled by the above-mentioned individuals according to Art of the Italian Civil Code or in which the above-mentioned individuals have a right to participate in the profits higher than 50 percent. As the provision refers to units held outside of the exercise of a business activity, units held by Italian resident commercial corporations and partnerships should not in principle be taken into account; or trusts of which the above-mentioned individuals are either beneficiaries or settlors.

7 7 Italy Taxation If the fund qualifies as a family real estate fund, the 1-percent tax is due from the tax year in which the requirements are met. Such tax is paid, out of the fund, by the management company by 16 February of the year following the year to which the tax refers. Investors may be subject to a 1-percent tax on the value of their units as resulting from the financial statements of the fund if the management company could not verify the existence of the requirements described above as a result of the fact that any of the investors did not comply with the obligation to provide the required information. Taxation of resident unitholders/investors in a resident real estate investment fund From 25 June 2008 profits derived from real estate investment funds, connected with a business activity, are subject to IRPEF or IRES (under certain circumstances, IRAP at the rate of 3.9 percent) and will be subject to a 20- percent advance withholding tax. Please note that investors will no longer be entitled to a tax credit since the fund pays no substitute tax. As already said before, the profits of any kind cashed or accrued and written in the financial statements relating to closed-end funds activity periods before 31 December 2003 are taxed as by Law No 410/2001 that provides a 1-percent tax on the fund s net value and consequently the unit-holder is entitled to a tax credit equal to 1 percent (it is unclear whether or not this tax credit rule is applicable to investors of family funds). If the units of the fund are not connected with a business activity, distributed profits are subject to a 20-percent final withholding tax and these profits will not be included in the taxable income. Taxation of resident unitholders/investors in a non-resident real estate fund The proceeds paid to an Italian resident individual unit-holder not in connection with business activity or a mutual fund are subject to a 27-percent final withholding tax, if cashed through an Italian intermediary involved in the payment in Italy. Otherwise, the 27-percent tax will be paid in the tax return by the resident unitholder. The proceeds paid to an Italian resident unitholder in connection with business activity are not subject to any withholding tax by the intermediary involved in the payment but are included in the corporate taxable basis subject to IRES (27.5 percent).

8 8 Italy Taxation Taxation of non-resident unitholders/investors in a resident real estate fund Starting from 1 January 2004, proceeds paid by Italian real estate funds to nonresident investors will not be taxed in Italy when the beneficial owner is resident in a country allowing an adequate exchange of information without regard whether the country is considered to be a tax haven or not (that is, black-listed or white-listed country). The same provision applies to proceeds paid to foreign qualified investors, which are not liable to tax in Italy provided that they are resident in countries allowing an adequate exchange of information. Non-resident beneficial owners must provide self-certification stating that they qualify for the exemption. In this way the long reimbursement procedure will be avoided. According to transitional provisions non-resident investors in Italian real estate funds are entitled for the tax year 2003 to the refund of a sum equal to 1 percent of the value of their quota. New rules on residence According to the new rule, a company (or other entity) is deemed to be resident in Italy for tax purposes if the following conditions are met: most of the assets held by the company are units of Italian real estate funds; and the company is controlled, directly or indirectly, by residents of Italy. The company deemed to be resident in Italy under this rule may prove to the Italian tax authorities, upon tax assessment, that it is effectively resident in the country of incorporation. 3.3 Taxation of fund management/custodian companies Management companies are taxed in Italy in the same way as any other resident Italian company. This means that management companies are liable to Italian taxes, even though there are certain specific provisions regarding the computation of the taxable income. Income from the management of mutual investment funds is exempt from VAT. The transfer of goods and supply of services connected with the management of such funds is subject to VAT.

9 9 Italy Taxation 3.4 Entitlement to income Under both civil law and tax law, investors are entitled to income when it is actually cashed. 3.5 Double tax agreements Funds, not being liable to income tax in Italy, should not be regarded as a resident of a contracting state for the purposes of double-tax agreements between Italy and other states. In consequence they are not eligible for the reduced rates of withholding tax provided for by treaties. 3.6 Other tax-favored vehicles There are no other tax-favored vehicles in Italy. 3.7 Transfer taxes, stamp duty, capital duty No capital taxes arise on the creation of capital by the fund. Please note that transfer tax on transactions in securities was abolished by Law Decree 31 December 2007, no. 248 as from 31 December KPMG in Italy Sabrina Navarra StudioAssociato Via Vittor Pisani 27 Milan Italy Tel Fax The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.

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