Reference
Further to our Announcement A16127, dated 23 August 2016, Clearstream Banking1 would like to inform customers that 51 additional countries have been added to the official White List.
Related operational details for the new tax exemption applicable to beneficial owner residents of the 51 additional countries (including, but not limited to Swiss residents) on Italian bonds, subject to DL 239/1996, are outlined below and are effective
6 September 2016
Background
The Decree of 4 September 1996 containing the Italian White List of countries that allow the exchange of tax information with Italy has been amended by the Decree of 9 August 2016 published in the Official Journal of 22 August 2016.
The updated White List is not yet available on the websites of the Agenzia delle Entrate (Italian Tax Authorities) and of MEF (Ministry of Finance). However, it is available on the Gazzette Ufficiali website.
As confirmed by Clearstream Banking’s Tax Representative in Italy, if not otherwise specified in the respective law, the Decree shall enter into force once the “vacatio legis” period of 15 days has passed, starting from the date of publication. In this case, the effective date corresponds to 6 September 2016.
Impact on customers
Italian bonds subject to DL 239/1996 held in Clearstream Banking by beneficiaries not eligible for tax exemption should be held as N accounts (i.e. taxable accounts).
To benefit from tax exemption, effective 6 September 2016 onwards, these securities must be part of S (single exempt) or X (omnibus exempt) accounts, as follows.
1. Clearstream Banking customers already holding an X account must transfer the securities from N to X and provide Self Certification for each eligible beneficial owner together with an updated List of Beneficial Owners (part II of the Master Instruction provided for the respective X account);
2. Clearstream Banking customers already holding an S account and wanting to change its status into X in order to add newly eligible beneficial owners, must provide a new Master Instruction for the respective account and Self Certification for each eligible beneficial owner; and
3. Clearstream Banking customers already holding only an N account and wanting to keep it for undisclosed or non-eligible beneficiaries, must open a new S - (if only one single eligible beneficial owner) - or X account and provide Self Certification for each eligible beneficial owner together with a Master Instruction for each new exempt account.
Further details of the procedure to be used, as well templates and certificates to be submitted are available in the Clearstream Banking Market Taxation Guide – Italy.
Further information
For further information, please contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or your Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking Frankfurt (CBF) customers using CreationOnline), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.