In the final vote on 29 September 2017, the Council of States and the National Council adopted the amendment to the Federal Law on Stamp Duties, which provides that Italian fiduciary companies that serve as tax security (Fiduciarie statiche) are to be exempted from the turnover tax.
With the amendment proposal (17.018) and the corresponding dispatch of 15 February 2017, the Federal Council is fulfilling the motion by Fabio Abate (13.4253), Member of the Council of States, referred to by the Federal Assembly, that certain Italian financial intermediaries be recognised as stock exchange agents. The proposed amendment to the law is intended to exempt the società fiduciarie statiche di amministrazione (Fiduciarie statiche; static trust company) under Italian law from turnover tax in order to eliminate competitive disadvantages of the Swiss financial centre with regard to Italian clients (see our contribution of 15 February 2017).
The National Council (as the first council to deal with the matter) had already adopted the draft law in its session of 14 June 2017 (cf. our contribution 15 June 2017)
The Council of States had also adopted the draft law in its session on 12 September 2017. (see our contribution of 16 September 2017)
The deal was finally accepted by both Councils in the final vote on 29 September 2017 and is thus closed. The text of the final vote is available here.
