Italy: Important reminder for the reaffirmation of refund applications


Clearstream Banking1 reminds customers that, according to art. 2943 of the Italian Civil Code, outstanding claims are deemed to expire after 10 years from their dispatch to the Italian Tax Authorities (“ITA”) if the final investor or his representative (based on Power of Attorney) do not reaffirm their request to recover the tax overwithheld at source.

For refund applications filed since 18 April 2012 (the publication date of our announcement A12085), each beneficial owner must provide a Power of Attorney to Clearstream Banking in order to allow the payments of refunds on the Clearstream Banking’s account and also to prevent the 10-years prescription of refunds. Further details as well as the mandatory template are available in the said announcement on the Clearstream Banking website.

For refund applications filed before 18 April 2012, the letters to prevent the 10-years prescription must be prepared by the final beneficial owner or by another subject appointed by the same beneficiary – and shipped directly to the ITA, Agenzia delle Entrate, Centro Operativo, in Pescara.

Further information

For further information, please contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or your Relationship Officer.


1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in the Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking, société anonyme, registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).