UBI Banca Group

Development Decree – Decree Law No. 70/2011
This decree, converted into Law No. 106 of 12 th July 2011, introduced simplifications into the tax
obligations of taxpayers, with regard to the following:
- tax inspections;
- tax assessment enforcement;
- tax collection;
- income tax and/or substitute tax returns;
- the documentation for some transactions;
- recalculation of some asset values for tax purposes.
Measures affecting property funds are particularly important with the introduction of a 20% tax on
income paid to investors on condition that they do not hold more than 5% of the fund itself. In this event,
taxation is on a “transparency basis” (tax on earnings declared by the fund is paid directly by the
individual investors).
Financial stabilisation decree – Decree Law No. 98/2011
This decree, converted into Law No. 111 of 15 th July 2011, has significant effects for the banking sector:
‐ an increase of 0.75 percentage points from 3.90% to 4.65% in the base rate on the Imposta Regionale
sulle Attività Produttive (IRAP - local production tax) tax for banks and financial intermediaries. Extra
regional percentages must then be added to this base rate. The measure is effective from 1 st January
2011;
‐ an appreciable increase in stamp duty on the communication relating to the custodial deposit of
customer securities. The new measure sets a duty ranging from a minimum of €34.20 to a maximum
of €680 annually, depending on the value of the securities deposited. The following Decree Law No.
138/2011 and Decree Law No. 201/2011 made further significant changes to the stamp duty;
‐ the introduction of the right to realign, for tax purposes, increases in the value of equity investments
either held by parties required to prepare consolidated financial statements for them or acquired
through company disposals. The realignment only concerns increases in the value of equity
investments attributable to goodwill, brands or other intangible assets as stated in the consolidated
financial statements. UBI Banca took advantage of that right with regard to the extraordinary
ownership operation that took place in 2007, involving the merger of Banca Lombarda e Piemontese
Spa into UBI Banca, where the latter recognised equity investments attributable to the former in its
accounts. The amortisation for tax purposes of the increased value may be performed from 2013 over
ten tax years;
‐ further measures of a procedural nature concerning tax inspections and business relations with
investees resident in EU countries.
Second financial stabilisation decree – Decree Law No. 138/2011
This decree, converted into Law No. 148 of 14 th September 2011, introduced the following:
‐ an increase in the ordinary VAT rate from 20% to 21%;
‐ a change in the withholding tax on income from capital and on capital gains to 20% from the previous
rates of 12.5% or 27% for bank deposits, current accounts and certificates of deposit. The new rate,
which does not apply to Italian government securities, entered into force on 1 st January 2012, except
for some transitory mechanisms. This involved costly changes in procedures, both in terms of IT
systems and documents regarding customers;
‐ the reduction to €2,500 of the threshold for the use of cash and bearer instruments. This threshold
was further reduced to €1,000 with the subsequent Decree Law No. 201/2011;
‐ further obligations for reporting to tax authorities on financial relationships with customers (i.e.
selected lists). This measure was amended again by Decree Law No.201/2011.
The “Save Italy” decree – Decree Law No. 201/2011
This decree, converted into Law No. 214 of 22 nd December 2011, involves the following:
‐ a new measure in force from 1 st January 2012 on stamp duty, regarding communications concerning
financial products and instruments sent to customers. Stamp duty is applicable to communications
regarding financial investments, even if they do not relate to custodial deposits. The duty is calculated
on an annual proportional basis of one per thousand (0.1%) from 2012 and one and a half per
thousand (0.15%) from 2013, with a minimum amount of €34.20. A maximum amount of €1,200 has
been set for 2012 only;
‐ modifications in force from 1 st January 2012 to stamp duty due on bank statements sent by banks to
their customers. The stamp duty was extended to include bank statements for savings books. The
amount of the duty has been raised overall for entities other than private individuals from €73.80 to
€100, while it remains unchanged overall for private individuals (€34.20). Private individuals are
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