RW FORM ALSO FOR “PEER TO PEER LANDING” PLATFORMS’ OPERATIONS
With p2p lending (peer-to-peer lending or social lending) is meant a type of loan granted directly between individuals through the use of platforms so-called “peer to peer landing platforms”. Such systems allow to connect people looking for funds and investors looking for returns, without passing through the traditional bank system.
With ruling no. 169 and Resolution no. 56 of September 25th 2020, Italian Tax Agency clarified that investments made by individuals resident in Italy through foreign peer to peer landing platforms shall always indicated in the RW Form of the individual tax return, using the code “14” related to “other financial foreign activities” and ticking the field “monitoring” in order not to tax with IVAFE the investment in P2P Lending as being due to a loan agreement which, as known, is not included in the category of financial products and so excluded from the application of IVAFE.
Where, instead, the investment disposed of the requirement of “negotiability” in the capital market, then this activity would represent a “financial product”, in accordance with article 1 TUF, which would be subject to IVAFE at a rate of 2 per thousand (to be applied on a basis compared to the holding size and detention period).
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