Article 16 of the 2024 Budget Law, currently in drafting phase, extends the participation exemption rules also to capital gains deriving from the transfer of qualified participations, having the same requirements applicable to resident entities, made by foreign companies (i) without a permanent establishment in Italy (ii) resident in an EU or EEA State that allows for a proper exchange of information and is (iii) subject to corporate income tax.
The impact of the rule is absolutely relevant considering the Conventions providing for double taxation, both in the State of residence of the seller and in the State of residence of the company whose participation is transferred, such as the Italy-France Convention.
This rule therefore allows for the submission of refund claims within forty-eight months, in accordance with Article 38 of Presidential Decree 602/73, for the greater Italian tax paid by EU and EEA companies (in this case, French companies) that would have benefited from the PEX regime if resident in Italy.
