Draft Budget Bill for 2006 Participation exemption regime

The Italian Parliament recently amended Decree-Law 203 of 30 September 2005, which contains urgent measures to counter tax evasion and other tax rules). The amendments are contained in the new Draft Budget Bill for 2006 and will be approved before the end of 2005.

The new Draft introduces an important change to the participation exemption regime that applies from 1 January 2004, following the Italian tax reform of 2003 (Legislative Decree 344 of 12 December 2003)

According to Art…