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Also Italy, even if with a bit delay in comparison with the majority
of other European countries, has finally introduced to its own regulations
a tax break system such as to definitely allow at this point the birth
of the "Italian Holding". In particular, article 96 bis of the italian
Tax Income Consolidation Act (TUIR) has been modified by article 1 of
Law 342/2000 dated November 21st, 2000 (fiscal asset linked to the Financial
Act regarding the year 2000) with the insertion of paragraph 2ter which
extends the application of the european regulation "mother-daughter"
also to profits deriving from controlled sources outside European Community
residing in a normal tax treatment countries with a suitable information
interchange with Italy. A specific list of those worthy countries is
expected to be published by the end of this year.
The aforesaid new regulation, therefore, will become effective starting
on January 1st, 2002. This is Italy's first step attempt of accomplishing
an efficient regulation with respect to holding that, considering the
several double tax treaty of which our country can count on, should
increase the flow of enterprises and foreign capital, arriving mainly
from outside E.C. countries choosing Italy for their own european holding.
Moreover, always to the purpose of fostering the birth of italian holding,
the above said Law 342/2000 has established the annulment of the regulation
(paragraph 7, article 96 bis of TUIR) that limited the benefits of what
foreseen by the "Mother-daughter" regulation for italian companies controlled
by individuals residing outside the European Union; they would be able,
however, to demonstrate they did not constitute the italian participant
enterprise to the sole scope of taking advantage of the European Community
policy.
It was, undoubtedly, a disposition that, even if set up with an anti-evasive
finality, prevented the creation of an italian holding and was thus
in wide opposition with other european countries decisions which, on
the contrary, have always tried to stimulate the creating and development
of holding enterprises. The fact that also this provided regulations
has now been eliminated clearly testifies the thoroughly changed direction
as far as holding is concerned, within italian financial organization.
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However, as it often happens, italian lawmaker has not yet completed
his own reforming principle: indeed, there are two ruling aspects still
needing some changes in order to allow the italian holding to be truly
competitive within and outside European countries context.
The first one of these italian lawmaker "forgetfulnesses" concerns the
non-abrogation of the rule limiting the exemption from withholding tax
payment, within the application of the Regulation "mother-daughter"
(paragraph 5, article 27 bis DPR 600/73) due to dividend payments performed
by an italian company to its own european community controlling company
if this last one comes up to be controlled by shareholders not residing
in the European Union and was created then mainly or exclusively to
the purpose of taking advantage of this facility. Evidently, it might
be an anti-evasive regulation but today it's merely anachronistic while
considering the decision of promoting the italian holding.
To this first "forgetfulness" we must mentioned, in addition, the fact
that the italian holding still cannot rely on a neutrality tax regime
on capital gains earned from shareholding conveyances not specifically
deriving from bill securities; neutrality tax regime that, on the contrary,
applies to the great majority of other fiscal regulations in matters
of holding, It will be therefore unavoidable to see it being included
as soonest in the italian tax system in order to enable and guarantee
a concrete future to the italian holding.
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