Italy Lessens Tax Rules Applicable to Bond Issuances Made by Non-listed Companies

On December 13, 2012, the Italian Parliament passed a law (the “Law”) that, among other things, partially amends the tax regime applicable to notes (including bonds and securities similar to bonds) as well as commercial paper issued by non-listed companies (the “Securities”), recently introduced with Article 32 of Law Decree No. 83 of June 22, 2012, converted into law with Law No. 143 of August 7, 2012 (“Article 32”).

The amendments approved with the Law, as discussed in the attached alert memo, ameliorate the overall regime established by Article 32, aimed at ensuring that the Securities benefit from the more favorable regime previously applicable only to debt instruments issued by banks and listed corporations.

If you have any questions concerning this memorandum, please feel free to contact Vania Petrella (+39 06 6952 2204) or Gianluca Russo (+39 06 6952 2680) in our Rome office or any of our other Italy-based partners and counsel listed under Capital Markets or Tax Practice Areas under the “Practices” section of our website at www.clearygottlieb.com, or any of your regular contacts at the firm.