| Country Manuals Credits – We would like to inform you that BRP has established a new COUNTRY MANUAL CREDITS for the following jurisdiction: ITALY LPS OUT OF CREDIT INSTITUTION’S COUNTRY OF ESTABLISHMENT (RT, BT & Def) Regulatory Template The Country Manual has been updated to the new format and entirely reviewed to ensure that the content of the documents remains accurate and in line with the evolving interpretation of the current legal and regulatory framework. In addition to the foregoing, please note that the tax section now reflects the latest approach followed by the Italian Tax authorities regarding the taxability of financial services addressed to Italian residents. In particular, Italian tax authorities now tend to interpret the local laws as having an extraterritorial effect with respect to cross-border financial activities, including lending activity. According to this approach, any revenue having an Italian source could be potentially considered as being taxable in Italy. Behaviour Template The answers in the BT have been aligned to those contained in the RT. Definitions and Concepts The document Definitions and Concepts now includes a Concordance Table. This Table is designed to help the users of the Country Manual Credits recognize more quickly existing or potential interactions between the rules of different types of credits. Should you have any questions, please do not hesitate to contact us. info@brpsa.com |
