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23 November 2020
Foreign private equity funds: an actual victory for the future and a Pyrrhic victory for the past?

Italian investment funds are fully exempt from taxes. Foreign investment funds
are fully liable to taxes in Italy. Is this discriminatory? The question is supposed to
answer itself but in tax matters mere suppositions are often wrong. This is especially
true for European private equity funds that, even in these days, are subject to heavy
scrutiny by Italian tax authorities with respect to capital gains arising from the
disposal of their Italian investments. The draft Budget law seems to put a full stop
on this but only for the future: would it be a Pyrrhic victory for past years?


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