On August 20, 2014, the Decreto Competitività (as converted into Law with amendments, the “Decree”), was published in the Italian Official Gazette (Gazzetta Ufficiale della Repubblica Italiana). The Decree is part of a broader reform package aimed at supporting the competitiveness of Italian entities. White & Case was part of the working group providing advice on the Decree.
The following is a summary of the key changes introduced by the Decree.
Italian companies may now borrow from non-bank entities, and tax advantages apply to Qualifying Financings.
- Italian insurance and securitization companies may now lend directly to Italian entities;
- Withholding tax exemption extended to Qualifying Financings granted to entities by banks, unleveraged UCITS and insurance companies located in European white list jurisdictions; and
- “Substitute tax”4 regime extended to transfers of receivables or contracts and related security interests in the secondary market.
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