Prada – Italian Tax Booklet - Prada Group

The amount of tax due in Italy may be reduced or exempted pursuant to any applicable doubletaxation convention. A full exemption applies to Shareholders resident in jurisdictions whichallow the exchange of information with Italy (Hong Kong is not currently among thesejurisdictions).(D) Inheritance and gift tax on donation or inheritance of shares (IGT)The transfer of shares in Italian corporations for no consideration, between living persons orupon the death of a shareholder, gives rise to a tax liability in Italy for both resident and nonresidentdonees or heirs. The tax rate may be 4%, 6% or 8%, depending on the relevantcircumstances. Exclusions are granted, in some circumstances, to relatives of the deceased ordonor.(E) Taxpayer liable to payment of CGT and IGTEven if an investor holds Shares through an intermediary, it is nonetheless the investor, asbeneficial owner, who has the obligation to pay capital gains tax or inheritance and gift tax andto submit the tax return.3. DOUBLE TAXATION CONVENTIONS(A) Jurisdictions with which Italy has entered into double taxation conventionsThe following is a list of all jurisdictions with which Italy has entered into a double taxationconvention (each, a “State”) (updated as at 30 September 2011):Albania France Mauritius Former Soviet Union: (1)Algeria Finland Mexico SpainArgentina Georgia Moldova Sri LankaArmenia Germany Morocco SwedenAustralia Ghana Mozambique SwitzerlandAustria Greece Netherlands SyriaAzerbaijan Hungary New Zealand TanzaniaBangladesh Iceland Norway ThailandBelarus India Oman Trinidad and TobagoBelgium Indonesia Pakistan TunisiaBrazil Ireland Philippines TurkeyBulgaria Israel Poland UgandaCanada Japan Portugal UkraineChinaJordanQatarUnited Arab EmiratesCote d’Ivoire Kazakhstan Romania United KingdomCroatiaKuwaitRussianFederationCyprus Latvia Saudi Arabia UzbekistanCzech Republic Lebanon Senegal VenezuelaDenmark Lithuania Singapore VietnamUnited States of America5