A ministerial decree has added 11 countries and jurisdictions to the “white list” of countries that allow an adequate exchange of information with Italy. This action brings the number of countries on the “white list” to 134 jurisdictions.
Italy maintains a “white list” and a “black list” of jurisdictions for purposes of cross-border payments of income. The "white list" provides, for example, an exemption from tax on capital gains on non-qualifying shares in resident non-listed companies when the seller is a resident of a “white list” country. An exemption from withholding tax is also available with respect to proceeds from investments in Italian real estate investment funds (REIFs) and in an Italian collective investment vehicle when the beneficiary is established in a “white list” country. Thus, the “white list” allows foreign investors to benefit from more favorable tax treatment with respect to financial income.
The “black list” of countries applies, for instance, for purposes of the Italian financial transaction tax. In such instances, “black list” countries are those that do not have agreements with Italy on the exchange of information and assistance in collecting tax credits.
Read an April 2017 report [PDF 217 KB] prepared by the KPMG member firm in Italy
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