Deadline to receive tax basis step-ups for past transactions is approaching

European Tax Newsalert

On July 17, 2011 the Italian parliament introduced the ability to step-up the tax cost basis of intangibles implicitly embedded in the value of qualifying share-holdings by paying a 16% substitutive tax. This tax payment for transactions that occurred before or during fiscal year 2010 is due by November 30, 2011.



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