Italy: Postponement of first payments of IFTT
On 17 June 2013, the Italian Council of Ministers issued a Draft Law Decree whereby, among other things, it approved the postponement of the first payments of Italian Financial Transaction Tax (IFTT) from 16 July 2013 to 16 October 2013.
This is further to our previous communications on this subject in M12070, dated 19 December 2012, A13031, dated 22 February 2013 and T13018, dated 27 February 2013.
For transfers of ownership of financial instruments
By this new date, IFTT will have to be calculated and executed in bulk on transfers of ownership between 1 March 2013 and 30 September 2013 (inclusive) of stocks or other financial instruments issued by and representing a participation in companies resident in Italy as well as securities representing the same participation, regardless of where the securities are issued (re. par. 491 and 495 of the Law nr. 288 of 24 December 2012).
From 1 October 2013 onwards, IFTT on such transfers will have to be paid on a monthly basis, by the 16th calendar day of the month following the month in which the transfer of ownership was executed.
For transactions in derivatives
The Italian Council of Ministers has also decided to postpone, from 1 July 2013 to 1 September 2013, the application of the taxation on derivative financial instruments whose prevailing underlying stocks and/or other financial instruments represent participation in and are issued by companies resident in the Italian State, including warrants, covered warrants and certificates (re. par. 492 and 495 of Law nr. 228 of 24th Dec. 2012).
The IFTT calculated on transactions in such derivatives concluded between 1 and 30 September 2013 (inclusive) will have to be paid by 16 October 2013.
From 1 October 2013 onwards, IFTT on such transactions will have to be paid on a monthly basis, by the 16th calendar day of the month following the month in which the transactions was executed.
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