Common use of Implementation in Italy of the EU Savings Directive Clause in Contracts

Implementation in Italy of the EU Savings Directive. Italy has implemented the EU Savings Directive through Legislative Decree No. 84 of 18 April, 2005 ("Decree No. 84"). Under Decree No. 84, subject to a number of important conditions being met, in the case of interest paid to individuals which qualify as beneficial owners of the interest payment and are resident for tax purposes in another Member State, Italian qualified paying agents shall not apply the withholding tax and shall report to the Italian Tax Authorities details of the relevant payments and personal information on the individual beneficial owner. Such information is transmitted by the Italian tax authorities to the competent foreign tax authorities of the State of residence of the beneficial owner.

Implementation in Italy of the EU Savings Directive. Italy has implemented the EU Savings Directive through Legislative Decree No. 84 of 18 April, April 2005 ("“Decree No. 84"”). Under Decree No. 84, subject to a number of important conditions being met, in the case of interest paid to individuals which qualify as beneficial owners of the interest payment and are resident for tax purposes in another Member State, Italian qualified paying agents shall not apply the withholding tax and shall report to the Italian Tax Authorities details of the relevant payments and personal information on the individual beneficial owner. Such information is transmitted by the Italian tax authorities Tax Authorities to the competent foreign tax authorities of the State of residence of the beneficial owner.

Implementation in Italy of the EU Savings Directive. Italy has implemented the EU Savings Directive through Legislative Decree No. 84 of 18 April, April 2005 ("‘‘Decree No. 84"’‘). Under Decree No. 84, subject to a number of important conditions being met, in the case of interest paid to individuals which qualify as beneficial owners of the interest payment and are resident for tax purposes in another Member State, Italian qualified paying agents shall not apply the withholding tax and shall report to the Italian Tax Authorities details of the relevant payments and personal information on the individual beneficial owner. Such information is transmitted by the Italian tax authorities Tax Authorities to the competent foreign tax authorities of the State of residence of the beneficial owner.