Press Review

    Which rules for Italian market to open the door to Islamic financial instruments?

    LOCONTE& PARTNERS FOR IFN ISLAMIC FINANCE NEWS

    Read the contribution of our founder Stefano Loconte, published in Islamic Finance news Volume 17 Issue 18 dated the 6th May 2020, about the set of rules that oversee the issuance of Islamic financial products in Italy.

    “The possible offer of Islamic financial products, both by Italian institutions and Islamic windows in Italy, is a real perspective that has to be taken into consideration in order to expand the chances for Italy to gain new investments and grant investors the diversification of their investments.”

    Here the link: https://www.islamicfinancenews.com/which-rules-for-italian-market-to-open-the-door-to-islamic-financial-instruments.html?access-key=acb6ae8893c33e5d6e4137df1af36760

    As Alternative, you can download the single page here.

    IFN Islamic Finance News
    The challenge for Italy to create an Islamic bank

    By Stefano Loconte

    Our contribution on the latest Islamic Finance News 1st April 2020 (Volume 17 Issue 13, page 15)

    “If we want to consider the opportunity for Italy to create an Islamic Bank, namely the possibility to constitute an Islamic bank, an Italian subsidiary of an Islamic bank or an Islamic window of an Italian bank, we firstly have to consider that the concept of ‘bank’ as designed in conventional Finance does not exist in Islamic finance. What is different is the business object of the institution and the manner it is pursued. An Italian bank usually collects deposits and grants credits and, pursuant to Article 10 of the Italian Consolidate Law on Banking, ‘banks’ are institutions which can exercise, not only banking activities, but also all those financial activities not reserved by the law to other specific intermediaries.In view of this, it is important to take into consideration the special features that an Islamic financial institution need to be Shariah compliant, but also to verify the rules a bank in Italy shall comply with to play its activities”

    This article was first published in Islamic Finance news Volume 17 Issue 13 dated the 1st April 2020.

    Read the full article on the latest IFN p.15: you can download the full 1st April issue as PDF online at www.islamicfinancenews.com, read the single article online here, or download as a PDF here below.

    ggi
    Loconte&Partners for GGI – Trust&Estate Planning Spring Newsletter

    By Stefano Loconte e Angela Cordasco

    The GGI Trust&Estate Planning Spring Newsletter is now online, with the editorial of our Managing Partner, Stefano Loconte, as the Global Chairperson of the GGI Trust&Estate Practice Group.

    Our senior associate Angela Cordasco authored an article on the taxation of distribution from opaque foreign trusts sets up in Blacklist Countries.

    The GGI TEP Spring Newsletter offers numerous contributions on specific topics written by GGI members from all over the world.

    A great opportunity to share the latest updates and developments on the trust and estate planning sector! 


    ITR
    ITR International Tax Review: “Italy’s taxation of foreign companies: New rules and a recent judgment”

    by Avv. Prof. Stefano Loconte e Dott. Emanuele Tozzi

    Our Managing partner Stefano Loconte and our senior associate Emanuele Tozzi authored the article on International Tax review – Italy special focus, about the Italy’s taxation of foreign dividends.

    The article explains the key amendments to Italy’s taxation of dividends paid by foreign companies, which have come to the fore following the implementation of the EU’s Anti-Tax Avoidance Directive.

    It also illustrates the interpretation of double tax treaties according to a recent judgment of the Cassation Court.

    Italy Special Focus – Loconte & Partners

    IFN Islamic Finance News
    The impact of the Islamic finance wave in Italy.

    With the occasion of the 15th anniversary of the international magazine Islamic Finance News Stefano Loconte and Loconte & Partners were elected as representants for Italy. The contribution of the firm aims to show the significant impact of Islamic Finance and the related perspectives for the economic and social development of our country.

    “There are more than 1.4 million Muslims in Italy – almost 3% of the Italian population – with savings for US$6 billion approximately. Thanks to its strategic geographical position, Italy represents an invaluable link between European and Islamic countries. This helps explain the reason why lots of Muslims are interested in investing and moving here.. Just a few examples: the Abu Dhabi-based fund AABAR owns 5.04% of Unicredit…Understanding Islamic culture is a chance to elaborate on new financial instruments, which can increase the number of exchanges and investment between Italy and Islamic countries, and an occasion to face new perspectives”

    legal
    The use of trust in Italy – Legal 500 & In-House Lawyer

    By Loconte&Partners

    Loconte&Partners is proud to have been chosen to represent Italy for the Private Client 3rd Edition Country Comparative Guide of Legal500. Our Firm contributed to the Hot Topic chapter, explaining the development of the use of trust in Italy. The choice made by Legal500 confirms the placement of our law firm as a leader in the assistance to the HNWI.

    “The institute of trust is increasingly getting used in Italy in the recent years, despite some difficulties mostly related to the fact that, as commonly known, Italy does not have a proper regulation for trusts. Indeed, the institute of trust has been recognized in Italy through the ratification of the Hague Convention of July 1st 1985 (enforced with the Law n. 364/89 and came into force since January 1, 1992). The Convention pursued the aim of harmonizing the Private International law rules, related to trusts, in order to allow civil law countries to borrow the trust instrument from foreign jurisdictions whose legislation regulates the trust instrument properly. It is therefore possible to set up trusts in Italy, thought the lack of domestic civil law rules entails the need for the tool to be regulated by the law in force in one of the Countries in which it is specifically regulated by law. This circumstance, however, does not mean that the trust qualifies as a foreign subject, neither from a civil law point of view nor for tax purposes. A wide range of different uses of the trust instrument have been developed in Italy in spite of the harmonization with the Italian civil code jurisdiction. Family trusts are the first kind of trust used, above all trusts for disabled people and trusts set up for inheritance planning and for asset protection for family needs.”

    Read the Full Article on Legal500 & In-House Lawyer Hot Topic | Private Client (3rd edition) released in January 2020

    “Distribution from foreign black-list trusts subject to income tax in Italy”

    Loconte&Partners with its monthly contribution to the Iberian Lawyer magazine has talked about the recent law changes about the tax treatment of the distributions made out by the opaque foreign black-list trusts with Italian resident beneficiaries. Find more by clicking on the link below:

    Iberian Lawyer Magazine

    ” The introduction of the SIS (Simple Investment Companies)”

    Edit by Loconte&Partners

    Loconte&Partners with its monthly contribution to the “Iberian Lawyer magazine” has talked about the introduction of the SIS (simple investment companies) in Italy.

    Find more by clicking on the link below:

    Iberian Lawyer

    “Global Practice Guide – Private Wealth”

    Proud to have contributed to the “Trends and Developments” chapter of the very prestigious 2019 Global Private Wealth Guide, published by Chambers&Partners.

    The choice made by Chambers&Partners confirms the placement of our law firm as a leader in the assistance to the HNWI.

    Loconte&Partners Wealth Management’s Team explained the recent developments of Private Client area in Italy.

    Chambers_T&D Loconte&Partners

    “Loconte&Partners has been ranked in the first tier by ITR World Tax 2020”

    25 September 2019

    We are proud to announce that Loconte&Partners has been ranked in the first tier by ITR World Tax 2020, which is the guide of International Tax Review of the world’s leading tax law and accountancy firms. We have been selected among 2,200 firms in more than 100 jurisdictions. Please find below the link to the ranking

    World Tax

    “Pending cases in direct taxation”

    by Dott.ssa Chiara Lattanzi

    Free movement of capital within the European Union.

    Our professional Chiara Lattanzi, speaker at the annual conference organized by the “La Sapienza” University of Rome and by the University of Hamburg held in Luxembourg on 10 September 2018, examines the most relevant cases pending before the European Court of Justice for the “International Tax Law Magazine”

    Rivista di Diritto Tributario Internazionale

    “INSIGHT: San Marino Blockchain Legislation”

    by Avv. Prof. Stefano Loconte

    On February 27, 2019, San Marino published Delegated Decree nr. 37 , introducing a specific legislation on blockchain technology for companies and tax advantages to attract investors and business. Our Managing Partner Stefano Loconte looks at the provisions of the new law for the magazine Bloomberg

    BloomberTax