Separate from the upcoming European Commission proposal for a financial transaction tax (FTT) under ‘enhanced co-operation’, Italy is pushing ahead with its own flavour of FTT, similar to the French tax which came into effect in August this year.
It took me longer than I expected to find something sensible about the Italian proposals. Reports in the Italian media were a little sketchy and reference to Government papers led me through something of a legal maze. Providing the closest English meaning of the Italian text, this is what I discovered:
(1) Proposals for the FTT are included in the ‘Stability Bill 2013′ (Legge di Stabilità 2013). Essentially, this is the budget for 2013. However, it is a draft bill (Disegno di Legge) currently under scrutiny by the ‘Treasury Select Committee’ (Commissione Bilancio e Tesoro) of the ‘Chamber of Deputies’ (Camera dei Deputati). According to the parliamentary schedule, no date has been set for a reading.
(2) The bill needs to be approved, without amendment, by both the ‘Chamber of Deputies’ and the ‘Senate’ (Senato della Repubblica) in order for it to become law. Concluding proceedings so that the bill is in force by the 1st January 2013 looks like quite a challenge. However, there are two items in the draft that make me suspicious. First, an explicit reference to transactions concluded from 1st January 2013, and second, some kind of taxation arrangements with the Catholic Church which are supposed to be in force by the beginning of the new fiscal year (guess when? 1st January 2013!).