Cleary Gottlieb

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Italy introduces a financial transaction tax as of 2013

On 21 December 2012, the Italian Parliament approved the budget law for 2013 (the Budget Law) contemplating, among other things, the introduction of a new tax applicable to certain financial transactions. While the Budget Law includes an articulate regime of the FTT, some of its features will be set with a Ministerial Decree to be issued by the Ministry of Economy and Finance within 30 days from the entry in force of the Budget Law (which is subject to its publication in the Official Gazette, expected to occur in the coming days).

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Overview

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Firmwide revenue 2011 ($m): 1,125
Global lawyers 2011: 1,183
No. of lawyers (Asia Pacific): 55
Offices (Asia Pacific): 3