- The Italian Competition Authority’s New Financing System
- February 6, 2013
- Law Firm: Norton Rose Canada LLP - Montreal Office
The Monti government introduced a number of significant legislative reforms over the last year.
Among these reforms, one amended the financing mechanism concerning the Italian Competition Authority (“ICA”). In particular, Art. 5-bis of Law Decree No. 1/2012, as converted into law by Law No. 27/2012, provides that, as of 1 January 2013, an annual compulsory tax (i.e. 0,08 per thousand of the company’s turnover) will be imposed on stock companies with revenues exceeding € 50 million.
On 18 July 2012, the ICA published detailed instructions on the compulsory contribution’s calculation and payment procedure. Furthermore, on 28 October 2012 (with further updates on 10 October, 18 October and 31 October 2012) the ICA published on its institutional website the responses to the most frequently asked questions, thus clarifying its interpretation of the most controversial aspects of this new financing mechanism.
On the basis of the above, a detailed client briefing paper that illustrates the new mechanism for financing and provides guidelines on the application of such legislation is enclosed.