Publications

With a last-minute amendment to a piece of legislation currently receiving
approval before the Italian Parliament, the Italian Government has introduced a
reform in the tax regime of investment funds investing in securities (the new
regime does not affect real estate investment funds). The introduction of the
new regime follows the intense lobbying by the industry associations. The
Parliament is expected to approve the Government's proposal; if so the new
regime will apply as of 1 July 2011.

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