As you may be aware, the 2016 State Budget Law (Law 28/15) introduced a new special contribution on banking operations (“Special Contribution”) and authorized the President to enact the relevant legal regime. Presidential Legislative Decree No. 1/16, of 24 February 2016, was published yesterday, regulating the Special Contribution (“PLD”).

The Special Contribution will be levied on baking operations assessed or carried out by banking financial institutions and non-banking financial institutions (as classified in the Financial Institutions Law). The Special Contribution will be applicable to several banking operations at a 0.1% rate.

The PLD foresees some exemptions, namely on the transfers covered by the Special Contribution on Current Invisibles Foreign Exchange Transactions.

Banking financial institutions and non-banking financial institutions will be responsible for delivery of the Special Contribution to the State, but the Special Contribution is borne by the holders of the accounts where movements are performed.

If you wish to receive more detailed information on the Special Contribution, please let us know.

For additional information, please contact:
[email protected]