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The Italian Government just issued a decree law containing a set of extraordinary measures to stabilize public finances and respond to the heavy pressure in such direction by EU partners and the European Central Bank. The Decree Law 138/2011 introduces significant changes to the tax regime of income from financial sources (such as interest, dividends and capital gains on shares and other securities) which affect mainly individual investors and non-resident investors not acting through an Italian permanent establishment. The new changes only marginally affect the tax regime of income and gains realized by Italian businesses or Italian permanent establishments of foreign businesses.

The Decree Law 138/2011 must be converted by the Parliament into law, with eventual amendments, within 60 days; if not converted, the decree would cease to produce any further effect.

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