The Council of States, in its session of 12 September 2017, approves an amendment to the Federal Law on Stamp Duties, which provides that Italian fiduciary companies that serve as tax security (Fiduciarie statiche) will be exempt 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. The business is thus ready for the final parliamentary vote.
The minutes of the Council of States are available here.
