THE REPLY OF THE ITA
Art. 27, par. 3, of DPR no. 600/1973 (as amended by the 2021 Budget Law) states that no WHT applies on dividends paid to the following funds – if established in a EU/EEA Country that allows a proper exchange of information:
a.foreign collective investment undertakings (UCIs) compliant with the Directive no. 2009/65/EC; and
b.UCIs, not compliant with Directive no. 2009/65/EC, whose manager is subject to regulatory oversight in the Country of establishment pursuant to Directive no. 2011/61/EU.
The WHT exemption applies to the funds that follow within the scope of Art. 27, par. 3:
a.irrespective of the legal form taken and of the tax status of the funds in the Country of establishment;
b.in relation to dividends paid starting from January 1, 2021 – irrespective of when the profits were realized, the distribution was resolved upon.