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Pursuant to Article 5 Paragraph 25 of Law Decree 269 of 30 September 2003, the interest and other proceeds arising from bonds issued by CDP of whatever nature and maturity are subject to the substitute tax regime of 12.50% (imposta sostitutiva
) applicable to Italian government bonds, as set forth in Legislative Decree 239 of 1 April 1996.
Payments to non-Italian investors who are resident, for tax purposes, in a country which has entered into a tax treaty with Italy containing a specific clause for an adequate exchange of information, are exempted from taxation at source.
A complete list of the countries with adequate exchanges of information with the Italian tax authorities (the so-called "White List") is available on www.agenziaentrate.it
, the web-site of the Italian Revenue Agency.
A tax exemption regime also applies to central banks and other institutions in charge of managing official reserves of the Italian State, as well as international bodies and organisations established in accordance with international agreements ratified in Italy.
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