Italy implements EU Interest and Royalties Directive

Italy has enacted Legislative Decree No. 143 of 30 May 2005, which implements the EU Council Directive 2003/49/EC (EU Interest and Royalty Directive). The Decree, published in the Italian Official Gazette No. 172 of 26 July 2005, entered into force on the same date. The Decree applies retroactively to interests and royalties accruing as of 1 January 2004.

Scope

Under the Decree, which amends the Italian Tax Assessment Act, interest and royal…