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The Italian Government has signed into law the implementing decree (the "Decree") for the Italian financial transaction tax, which is now due to come into effect on 1 March (1 July 2013 as to the tax on derivatives). The Decree, which  shall be published on the Official Gazette in the coming days, comes quite late for businesses to be able to safely deal with the new tax, but not late enough to make a postponement unavoidable, as strongly advised by the industry.
The Decree contains only a few changes from the draft that had been submitted for consultation a few weeks ago. This briefing summarizes the main changes. It should also be remarked that Italy has signed into the EU FTT (although objecting to the inclusion of State bonds in the scope), which is fundamentally different in scope and mechanics from the Italian FTT which is about to enter into effect. Hence, this new tax may be short lived, soon to be replaced by the EU FTT, thus doubling the efforts for all the affected participants. The main changes contained in the final version of the decree compared to the draft, whose details are available in this briefing, are as follows (a consolidated briefing on the Decree will follow in due course; compare versions of the unofficial translations of the Decree and relevant explanatory  memorandum may be obtained by contacting Clifford Chance).

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