The new Italian reporting rules affect both resident and non
resident trusts, trustees, settlors, beneficiaries and
The so called 'European Law 2013' (enforced on 4th
September 2013) was adopted by the Italian legislator in order to
comply with the European provisions and obligations, extending the
scope of the existing reporting rules to Italian resident trusts,
trustees and foundations, as well as to Italian tax residents that
directly and/or indirectly own foreign assets.
In particular, it introduced the definition of 'direct or
indirect control' and of 'beneficial owner' (titolare
effettivo), adopting the same definition that is contained in the
third Anti-Money Laundering Directive. The risks of non-compliance
are self-evident, as are the risks of compliance. The new rules
will put a spotlight on substantial trusts and are likely to lead
to tax investigations. Therefore a thorough review is vital in any
given case to ensure that the structure can withstand scrutiny.
The new rules do not apply to foreign assets that are held via
qualified Italian intermediaries, to the extent that any
incomes/gains are subject to tax at the source or final withholding
tax ('ritenuta o imposta sostitutiva') in accordance with
the rules that apply to assets under administration/management by
Italian qualified intermediaries.
The new regulations will be applicable for tax year
2013. As such, the deadline for reporting via Quadro RW
form is 30 September 2014.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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