On 26 August 2019, the Italian tax authority has published Ruling No. 345 regarding the eligibility of a real estate investment trust (REIT) established in Singapore for the withholding tax (WHT) exemption on income derived through a participation in an Italian REIT.
According to the Italian domestic law, such income from foreign undertakings for collective investment (UCITS) is usually exempt if resident in a white list country. The ruling specifies that REITs established in Singapore may be eligible for the exemption because, based on the Singapore rules governing REITs, Singapore REITs are alike to a qualifying UCITS.
