Tax

By Stefano Loconte for IFN Islamic Finance News Volume 17 Issue 26 (1st July 2020)

“It is remarkable that the Italian legal framework does not forbid but at the same time does not even expressly authorize these operations. The main reason why these operations are not performed in Italy is due to the fiscal costs. In fact, these financial operations are subject to double taxation compared to the traditional ones. The costs incurred will not be, economically speaking, sustainable for the banks. At this point, it seems necessary for the introduction of a specific framework to balance the Islamic finance model with the traditional models, in line with what has has already been done in other European member states” 

Read the full contribution of our founder Stefano Loconte, published in Islamic Finance news Volume 17 Issue 26 dated the 1st July 2020, about the possibility and the difficulties of creating the “Islamic windows” in Italy.

https://www.islamicfinancenews.com/are-islamic-finance-operations-feasible-in-italy.html?access-key=acb6ae8893c33e5d6e4137df1af36760

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You can also download the single PDF page at this link (Download)