Guernsey and Jersey will not be on Italian tax ‘blacklist’

Following numerous representations made to the Italian authorities, neither Guernsey nor Jersey will be listed on any Italian ‘blacklist’ from 1 January 2016. In addition Guernsey and Jersey will be included on a ‘white list’ for the purposes of tax treatment of interest from Government bonds and listed companies when that list is updated in early 2016 by Ministerial Decree.

The changes approved by the Italian Parliament on 22 December 2015 under its Stability Law 2016 revise Italy’s rules on corporate taxation and Control Foreign Companies (“CFC”) and abolish its so called ‘black lists’ with effect from 1 January 2016…