ITALY: CLARIFIED THE TRUSTEE OBLIGATION FOR THE FISCAL MONITORING

In Italian Legislation, starting from 2017, a new definition of beneficial owner has been introduced. In particular, with this concept means “the natural person, different from the customer, in whose interest is established a relationship and the services have rendered” (art. 1, co. 2, let. p. D.lgs. no. 231/2007) or, with reference to a private legal entity, “the founders the identifiable or easily identifiable beneficiaries, managers and administrators” (art. 20 D.Lgs no. 231/2007).

Therefore, the holders of business abroad and those who have a pawer of handling, have complete the “RW framework” of the Tax return in Italy. In the absence of clear rules, instead, this duty was extender also towards to Trustees.

The Resolution no. 53/E of the Italian Tax Agency, dated 29th May 2019, clarified this matter and excluded the fulfillment of RW duty, who have an enacting power only in interest of owner of another person the business abroad (for example the administrator and director of companies and foundation, trustees, …).

From this perspective, the Resolution above confirms the regulation of Circular no. 38/E which has not considered as beneficial owner the person that has not a right to obtain the income and/or assets of the trust (such trustee, protector, settlor).

Our staff is available for any clarification.