UBI Banca Group

exempt from the duty if average annual deposits resulting from bank statements and savings books
do not exceed a total of five thousand euro. A decree will be issued to implement this;
‐ a special stamp duty of four per thousand (0.4%) in relation to assets which were repatriated between
2001 and 2010 or were “regularised” in accordance with capital repatriation laws and on which
confidentiality was still maintained as at 31 st December of the previous year. The duty is due in the
amount of ten and thirteen and a half per thousand (1.0% and 1.35%) for the years 2012 and 2013.
This new measure appears extremely onerous from a practical viewpoint for banks;
‐ an extraordinary tax for 2012 of ten per thousand (1.0%) concerning assets that had been
“regularised” which, as at 6 th December 2011, had been wholly or partially drawn from the deposit,
custodial or management accounts as a result of regularisation procedures or in any case withdrawn;
‐ an aid to economic growth with effect from the tax period in progress as 31 st December 2011,
consisting of the deduction from corporate income (IRES -corporate income tax) of the notional return
on increases in equity with respect to the equity existing at the end of the financial year in progress as
at 31 st December 2010. That return has been set at 3% for the first three years;
‐ the deduction for IRES purposes, with effect from the tax period in progress as at 31 st December
2012, of an amount equal to the IRAP (local production tax) corresponding to the taxable portion of
employee and similar personnel expenses, but net of the deductions already allowed;
‐ various amendments to the “tax wedge” with effect from the tax period following that in progress as at
31 st December 2011. More specifically, the deduction of €4,600 for IRAP purposes for every
permanent employee on the payroll during the tax period was increased to €10,600 for female
employees and for those below the age of 35;
‐ a new proposal for transforming deferred tax assets into tax credits with regard to tax losses (cf. Art.
84 of the Consolidated Income Tax Act) arising from the deduction of some negative components of
income (impairment losses on loans, amortisation of goodwill and other intangible assets) already
provided for originally in paragraphs 55 to 58 of Art. 2 of Decree Law No. 225/2010, converted with
Law No.10/2011. In this regard, on 22 nd September 2011 the tax authorities issued Resolution No.
94/E, which regulated the transformation of deferred tax assets into tax credits in accordance with
Decree Law No. 225/2010 just mentioned. More specifically, where statutory accounting losses have
been recorded, companies may use that legislation from the approval of the relative financial report
onwards.
‐ the obligation from 1 st January 2012, for financial operators to periodically report movements and all
information concerning business with customers to the tax authorities, for tax inspection purposes.
That data will be entered in a special section of the tax authorities’ database and the director of the
tax authorities will issue a special provision to implement this after consultation with the trade
associations of financial operators and with the Personal Data Protection Authority. That information
may also be used by the tax authorities, employing centralised procedures and based on criteria
identified in a provision issued by the authorities, to draw up special selected lists of those taxpayers
at greatest risk of tax evasion. In this case too banks may be involved in onerous compliance
formalities in terms of both practical operations and the related responsibilities;
‐ the reduction to €1,000 of the threshold for the use of cash and bearer instruments;
‐ the experimental application with effect from 1 st January 2012 of the Municipal Property Tax for the
years 2012, 2013 and 2014. That tax which makes taxation on property more severe, brings together
the previous municipal property tax (ICI) and personal income tax on income from properties not
rented. For businesses in particular, the base rate will be 0.76% of the revalued assumed property
income for tax purposes, with the possibility for municipalities to increase or decrease this by 0.30%.
The “thousand extensions” decree – Decree Law No. 216/2011 and the “Liberalisations” decree –
Decree Law No. 1/2012
These provisions introduced adjustments to the tax reform for financial assets with effect from 1 st
January 2012, with particular regard to taxation on current account interest and on repurchase
agreements and stock lending involving financial instruments with subsidised rates.
TAX FOR ENTITIES SUBJECT TO IFRS
A Ministerial Decree of 8 th June 2011 was published on 13 th June 2011, which adds to previous
regulations concerning the tax treatment for corporate income tax (IRES) and local production tax (IRAP)
purposes for those entities subject to IFRS and more specifically concerning the implementation of the
“reinforced derivation principle”.
The following is of particular interest in this decree:
‐ the definition of hedges for tax purposes which also comprise assets designated at fair value;
‐ the tax treatment for financial instruments reclassified into different portfolios pursuant to IAS 39;
‐ the tax treatment, with regard to companies, for the grant of shares to employees;
‐ confirmation of the tax classifications for properties regardless of the different classification under
IFRS;
203