A Decree has been approved by The Italian Ministry of Economy and Finance on 16 September 2013 which makes the amendment of Decree on the Italian Financial Transaction Tax (IFTT) issued in order to implement the IFTT Law adopted last year on 24 December 2012.
The clarification on some important aspects of the application of the Derivative IFTT and Equity IFTT was made by the Amending Decree. Therefore, no additional amendments or interpretations are provided with respect to the additional levy under IFTT which applies to “high frequency trading.”
The new Decree was revealed on 20 September 2013 in the Italian Official Gazette and is effective from 5 October 2013. However, the provisions will be effective from 1 January 2014 on non-capital protected bonds and debt instruments including non-capital protected structured notes.
