Tax Rules on Debt Securities Issued by Non-Listed Companies Amended

On October 4, 2012, the Italian Government issued a law decree that, among other things, amends the tax regime applicable to the issuance of notes and commercial paper by certain non-listed companies, 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.

The amendments approved with the Decree are intended to either clarify or slightly modify the scope of the new regime (yet, within the boundaries of the rationale underlying Article 32) which, as described in our previous memoranda of June 15 and August 9, 2012, is aimed at ensuring that certain securities issued by non-listed companies benefit from the same, more favorable, tax regime previously applicable solely to debt issued by banks and listed corporations.