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Italian Government Should Clarify Whether U.S. Is Blacklisted Under FTT, SIFMA Urges

Thursday, April 4, 2013
The Italian government needs to clarify how the new Italian financial transactions tax applies to U.S. brokers as soon as possible--including whether or not the United States is treated as blacklisted, the Securities Industry and Financial Markets Association said in a March 28 letter.

Italy is in the first wave of 11 European Union countries expected to implement the tax this year, a group that emerged after an EU-wide version of the previous tax failed to gain the necessary support to be implemented (44 DTR I-1, 3/6/13).

SIFMA urged the Italian Ministry of Economy and Finance to clarify three issues related to the tax immediately to help its members comply with the tax.

First, the group said U.S. brokers need confirmation that U.S. markets are considered regulated markets. The Italian government should specifically say that transactions conducted on the platforms that compose U.S. markets should be taxed at the appropriate rate for a U.S. market, SIFMA said.

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