Italian Law No. 228 dated December 24, 2012, which approved the 2013 budget, contemplates, among others, a new tax applicable to certain financial transactions (the "Tobin Tax").
The Tobin Tax will apply to transactions, even if executed abroad, involving shares and equity-like financial securities issued by both listed and non-listed companies resident in Italy and derivatives substantially underlying such securities. The tax will also apply to high-frequency trades relating to the above securities and derivatives occurring on the Italian financial markets. Issuance of new shares and transactions on debt securities will be outside the scope of the Tobin Tax.
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