The amendments made by the operation in the summer (DL 78/2010), the tax treatment of income derived from participation in real estate funds received by non-residents, are the explanations in the circular No Tax 11 / E of 9 March.
Current legislation before the decree 78/2010 provided for the tax exemption of such income (Article 7, paragraph 3, DL 351/2001) for the following categories of persons "esteri":
- soggetti residenti nei Paesi che consentono lo scambio di informazioni fiscali
- investitori istituzionali esteri costituiti nei Paesi white list (individuati dal decreto da emanare ai sensi dell'articolo 168 Tuir-bis, in attesa del quale si continua a fare riferimento al Dm 4 settembre 1996 ("Elenco degli Stati con i quali è attuabile lo scambio di informazioni ai sensi delle convenzioni per evitare le doppie imposizioni sul reddito in vigore con la Repubblica italiana")
- enti e organismi costituiti in base ad accordi internazionali resi esecutivi in Italia, nonché banche centrali o organismi che gestiscono anche le riserve ufficiali dello Stato.
Il nuovo regime ha modificato i soggetti che possono eligible for exemption: the deductions do not apply to income earned by pension funds and collective investment undertakings (CIU) established in foreign countries whitelist, from international agencies or bodies established in accordance with international agreements ratified in Italy and central banks or other organizations also manage the official reserves of the State (Article 7, paragraph 3 DL 351/2001).
Revenue Agency in this regard, pension funds and identify the bodies of foreign collective investment undertakings (CIU), who enjoy the benefit of tax exemption, in bodies that have the same investment objective of the Italian ones, irrespective of their legal form.
To qualify for the exemption, also notes the move, you must provide a self of his residence and the holding period of shares (see circular 38/E/2004).
The proceeds of real estate funds received by non-residents other than those "exempted" serving the retention rate of 20% or less in case of an agreement against double taxation.
In the presence of such an agreement the withholding agents must acquire:
a declaration of non-resident, containing your data, and any conditions of the elements necessary to determine the amount of the rate applicable under the Convention
certification of residence subject to the relevant tax authority. This statement effective until March 31 next year of submission.
The circular also notes that the new tax regime applies to income received from May 31, 2010, referring to periods of funds started after December 31, 2009, clarifying that the proportion of income covered by the old discipline (ceiling) is determined as the difference between the net book value of the Fund at 31 December 2009 and the date of the constitution, increased and decreased reimbursement of subscriptions (a difference which is then divided by the number of shares as determined at December 31 2009). For simplification, the income distributed from 1 January 2010 is deemed to refer to periods of previous activities, up to the ceiling.
Source: Revenue Agency
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