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International Co-Operation (Tax Information) Act 2009 (Italy) Notice 2012


Published: 2012-10-10

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I ASSENT International Co-Operation (Tax Information) INTERNATIONAL CO-OPERATION (TAX INFORMATION) ACT
2009 (ITALY) NOTICE 2012

© Government of Gibraltar (www.gibraltarlaws.gov.gi)
2009-50
Subsidiary
2012/136
Subsidiary Legislation made under s. 3(6).

INTERNATIONAL CO-OPERATION (TAX
INFORMATION) ACT 2009 (ITALY) NOTICE 2012

(LN. 2012/136)
Commencement 11.10.2012


Amending
enactments
Relevant current
provisions
Commencement
date
None



EU Legislation/International Agreements involved:

______________________


In accordance with the provisions of section 3(6) of the International Co-
operation (Tax Information) Act 2009 I have issued the following Notice.

Title.

1. This Notice may be cited as the International Co-operation (Tax
Information) Act 2009 (Italy) Notice 2012.

Text of Agreement.

2. Pursuant to section 3(6) of the International Co-operation (Tax
Information) Act 2009 the text of an agreement entered into between the
Italian Republic and the Government of Gibraltar is hereby reproduced−
International Co-Operation (Tax Information) INTERNATIONAL CO-OPERATION (TAX INFORMATION) ACT
2009 (ITALY) NOTICE 2012

© Government of Gibraltar (www.gibraltarlaws.gov.gi)
2009-50
Subsidiary
2012/136

AGREEMENT BETWEEN

GIBRALTAR

AND

THE ITALIAN REPUBLIC


FOR THE EXCHANGE OF INFORMATION ON TAX MATTERS

WHEREAS the Parties wish to enhance and facilitate the terms and
conditions governing the exchange of information relating to taxes;

WHEREAS it is acknowledged that Gibraltar under the terms of its
Entrustment from the UK has the right to negotiate, conclude, perform and
subject to the terms of this agreement terminate a Tax Information Exchange
Agreement with Italy;

NOW, THEREFORE, the Parties have agreed to conclude the following
Agreement which contains obligations on the part of Italy and Gibraltar only:
Article 1

Object and Scope of the Agreement

The competent authorities of the Contracting Parties shall provide assistance
through exchange of information that is foreseeably relevant to the
administration and enforcement of the domestic laws of the Contracting
Parties concerning taxes covered by this Agreement. Such information shall
include information that is foreseeably relevant to the determination,
assessment and collection of such taxes, the recovery and enforcement of tax
claims, or the investigation or prosecution of tax matters. Information shall
be exchanged in accordance with the provisions of this Agreement and shall
be treated as confidential in the manner provided in Article 8. The rights and
safeguards secured to persons by the laws or administrative practice of the
requested Party remain applicable to the extent that they do not unduly
prevent or delay effective exchange of information.


International Co-Operation (Tax Information) INTERNATIONAL CO-OPERATION (TAX INFORMATION) ACT
2009 (ITALY) NOTICE 2012

© Government of Gibraltar (www.gibraltarlaws.gov.gi)
2009-50
Subsidiary
2012/136

Article 2

Jurisdiction

A Requested Party is not obligated to provide information which is neither
held by its authorities nor in the possession or control of persons who are
within its territorial jurisdiction.

Article 3

Taxes Covered

1. The taxes which are the subject of this Agreement are:

a) in Italy:

- the personal income tax;
- the corporate income tax;
- the regional tax on productive activities;
- the value added tax;
- the inheritance tax;
- the gift tax;
- the substitute taxes;

b) in Gibraltar:

- taxes of every kind and description.

2. This Agreement shall also apply to any identical taxes imposed after the
date of signature of the Agreement in addition to or in place of the existing
taxes. This Agreement shall also apply to any substantially similar taxes
imposed after the date of signature of the Agreement in addition to or in
place of the existing taxes if the competent authorities of the Contracting
Parties so agree. Furthermore, the taxes covered may be expanded or
modified by mutual agreement of the Contracting Parties in the form of an
exchange of letters. The competent authorities of the Contracting Parties
shall notify each other of any substantial changes to the taxation and related
information gathering measures covered by the Agreement.

International Co-Operation (Tax Information) INTERNATIONAL CO-OPERATION (TAX INFORMATION) ACT
2009 (ITALY) NOTICE 2012

© Government of Gibraltar (www.gibraltarlaws.gov.gi)
2009-50
Subsidiary
2012/136 Article 4

Definitions

1. For the purposes of this Agreement, unless otherwise defined:

a) the term “Contracting Party” means Italy or Gibraltar as the
context requires;

b) the term “Italy” means the Italian Republic and includes any
area beyond the territorial waters which is designated as an area
within which Italy, in compliance with its legislation and in
conformity with the international law, may exercise sovereign
rights in respect of the exploration and exploitation of the
natural resources of the seabed, the subsoil and the superjacent
waters;

c) the term “Gibraltar” means the territory of Gibraltar;

d) the term “competent authority” means−

i) in the case of Italy, the Ministry of Economy and Finance;
and

ii) in the case of Gibraltar, the Minister of Finance or his
authorized representative;

e) the term “person” includes an individual, a company and any
other body of persons;

f) the term “company” means any body corporate or any entity
that is treated as a body corporate for tax purposes;

g) the term “publicly traded company” means any company whose
principal class of shares is listed on a recognised stock exchange
provided its listed shares can be readily purchased or sold by the
public. Shares can be purchased or sold “by the public” if the
purchase or sale of shares is not implicitly or explicitly restricted
to a limited group of investors;

h) the term “principal class of shares” means the class or classes of
shares representing a majority of the voting power and value of
the company;

International Co-Operation (Tax Information) INTERNATIONAL CO-OPERATION (TAX INFORMATION) ACT
2009 (ITALY) NOTICE 2012

© Government of Gibraltar (www.gibraltarlaws.gov.gi)
2009-50
Subsidiary
2012/136 i) the term “recognised stock exchange” means any stock
exchange agreed upon by the competent authorities of the
Contracting Parties;

j) the term “collective investment fund or scheme” means any
pooled investment vehicle, irrespective of legal form. The term
“public collective investment fund or scheme” means any
collective investment fund or scheme provided the units, shares
or other interests in the fund or scheme can be readily
purchased, sold or redeemed “by the public”. Units, shares or
other interests in the fund or scheme can be readily purchased,
sold or redeemed “by the public” if the purchase, sale or
redemption is not implicitly or explicitly restricted to a limited
group of investors;

k) the term “tax” means any tax to which the Agreement applies;

l) the term “requesting Party” means the Contracting Party
requesting information;

m) the term “requested Party” means the Contracting Party
requested to provide information;

n) the term “information gathering measures” means laws and
administrative or judicial procedures that enable a Contracting
Party to obtain and provide the requested information;

o) the term “information” means any fact, statement or record in
any form whatever;

p) the term “criminal tax matters” means tax matters involving
intentional conduct which is liable to prosecution under the
criminal laws of the requesting Party, it being understood that
the term “criminal laws” means all criminal laws designated as
such under domestic law irrespective of whether contained in
the tax laws, the criminal code or other statutes.

2. As regards the application of this Agreement at any time by a Contracting
Party, any term not defined therein shall, unless the context otherwise
requires, have the meaning that it has at that time under the law of that Party,
any meaning under the applicable tax laws of that Party prevailing over a
meaning given to the term under other laws of that Party.

Article 5

International Co-Operation (Tax Information) INTERNATIONAL CO-OPERATION (TAX INFORMATION) ACT
2009 (ITALY) NOTICE 2012

© Government of Gibraltar (www.gibraltarlaws.gov.gi)
2009-50
Subsidiary
2012/136 Exchange of Information Upon Request

1. The competent authority of the requested Party shall provide upon
request information for the purposes referred to in Article 1. Such
information shall be exchanged without regard to whether the conduct being
investigated would constitute a crime under the laws of the requested Party if
such conduct occurred in the requested Party.

2. The competent authority of the requesting Party shall only make a request
for information pursuant to this Article when it is unable to obtain the
requested information by other means, except where recourse to such means
would give rise to disproportionate difficulty.

3. If the information in the possession of the competent authority of the
requested Party is not sufficient to enable it to comply with the request for
information, that Party shall use all relevant information gathering measures
to provide the requesting Party with the information requested,
notwithstanding that the requested Party may not need such information for
its own tax purposes.

4. If specifically requested by the competent authority of a requesting Party,
the competent authority of the requested Party shall provide information
under this Article, to the extent allowable under its domestic laws, in the
form of depositions of witnesses and authenticated copies of original records.

5. Each Contracting Party shall ensure that its competent authorities for the
purposes specified in Article 1 of the Agreement, have the authority to obtain
and provide upon request:

a) information held by banks, other financial institutions, and any
person acting in an agency or fiduciary capacity including
nominees and trustees;

b) information regarding the ownership of companies,
partnerships, trusts, foundations, “Anstalten” and other persons,
including, within the constraints of Article 2, ownership
information on all such persons in an ownership chain; in the
case of trusts, information on settlors, trustees and beneficiaries;
and in the case of foundations, information on founders,
members of the foundation council and beneficiaries. Further,
this Agreement does not create an obligation on the Contracting
Parties to obtain or provide ownership information with respect
to publicly traded companies or public collective investment
funds or schemes unless such information can be obtained
without giving rise to disproportionate difficulties.
International Co-Operation (Tax Information) INTERNATIONAL CO-OPERATION (TAX INFORMATION) ACT
2009 (ITALY) NOTICE 2012

© Government of Gibraltar (www.gibraltarlaws.gov.gi)
2009-50
Subsidiary
2012/136
6. The competent authority of the requesting Party shall provide the
following information to the competent authority of the requested Party
when making a request for information under the Agreement to demonstrate
the foreseeable relevance of the information to the request:

a) the identity of the person under examination or investigation;

b) a statement of the information sought including its nature and
the form in which the requesting Party wishes to receive the
information from the requested Party;

c) the tax purpose for which the information is sought;

d) grounds for believing that the information requested is held in
the requested Party or is in the possession or control of a
person within the jurisdiction of the requested Party;

e) to the extent known, the name and address of any person
believed to be in possession of the requested information;

f) a statement that the request is in conformity with the law and
administrative practices of the requesting Party, that if the
requested information was within the jurisdiction of the
requesting Party then the competent authority of the
requesting Party would be able to obtain the information under
the laws of the requesting Party or in the normal course of
administrative practice and that it is in conformity with this
Agreement;

g) a statement that the requesting Party has pursued all means
available in its own territory to obtain the information, except
those that would give rise to disproportionate difficulties.

7. The competent authority of the requested Party shall forward the
requested information as promptly as possible to the requesting Party. To
ensure a prompt response, the competent authority of the requested Party
shall:

a) confirm receipt of a request in writing to the competent
authority of the requesting Party and shall notify the competent
authority of the requesting Party of deficiencies in the request, if
any, within 60 days of the receipt of the request.

International Co-Operation (Tax Information) INTERNATIONAL CO-OPERATION (TAX INFORMATION) ACT
2009 (ITALY) NOTICE 2012

© Government of Gibraltar (www.gibraltarlaws.gov.gi)
2009-50
Subsidiary
2012/136 b) if the competent authority of the requested Party has been
unable to obtain and provide the information within 90 days of
receipt of the request, including if it encounters obstacles in
furnishing the information or it refuses to furnish the
information, it shall immediately inform the requesting Party,
explaining the reason for its inability, the nature of the obstacles
or the reasons for its refusal.

Article 6

Tax Examinations Abroad

1. The requesting Party may request that the requested Party allow
representatives of the competent authority of the requesting Party to enter
the territory of the requested Party to interview individuals and examine
records with the prior written consent of the individuals or other persons
concerned. The competent authority of the requesting Party shall notify the
competent authority of the requested Party of the time and place of the
intended meeting with the individuals concerned.

2. At the request of the competent authority of the requesting Party, the
competent authority of the requested Party may permit representatives of the
competent authority of the requesting Party to attend a tax examination in
the territory of the requested Party.

3. If the request referred to in paragraph 2 is granted, the competent
authority of the requested Party conducting the examination shall, as soon as
possible, notify the competent authority of the requesting Party of the time
and place of the examination, the authority or person authorised to carry out
the examination and the procedures and conditions required by the requested
Party for the conduct of the examination. All decisions regarding the conduct
of the examination shall be made by the requested Party conducting the
examination.

Article 7

Possibility of Declining a Request

1. The requested Party shall not be required to obtain or provide information
that the requesting Party would not be able to obtain under its own laws for
purposes of the administration or enforcement of its own tax laws. The
competent authority of the requested Party may decline to assist where the
request is not made in conformity with this Agreement, or where the
requesting Party has not pursued all means available in its own territory to
International Co-Operation (Tax Information) INTERNATIONAL CO-OPERATION (TAX INFORMATION) ACT
2009 (ITALY) NOTICE 2012

© Government of Gibraltar (www.gibraltarlaws.gov.gi)
2009-50
Subsidiary
2012/136 obtain the information, except where recourse to such means would give rise
to disproportionate difficulty.

2. The provisions of this Agreement shall not impose on a Contracting Party
the obligation to supply information which would disclose any trade,
business, industrial, commercial or professional secret or trade process.
Notwithstanding the foregoing, information of the type referred to in Article
5, paragraph 4 shall not be treated as such a secret or trade process merely
because it meets the criteria in that paragraph.

3. The provisions of this Agreement shall not impose on a Contracting Party
the obligation to obtain or provide information, which would reveal
confidential communications between a client and an attorney, solicitor or
other admitted legal representative where such communications are:

a) produced for the purposes of seeking or providing legal advice
or

b) produced for the purposes of use in existing or contemplated
legal proceedings.

4. The requested Party may decline a request for information if the disclosure
of the information would be contrary to public policy (ordre public).

5. A request for information shall not be refused on the ground that the tax
claim giving rise to the request is disputed.

6. The requested Party may decline a request for information if the
information is requested by the requesting Party to administer or enforce a
provision of the tax law of the requesting Party, or any requirement
connected therewith, which discriminates against a national of the requested
Party as compared with a national of the requesting Party in the same
circumstances.

Article 8

Confidentiality

Any information received by a Contracting Party under this Agreement shall
be treated as confidential and may be disclosed only to persons or authorities
(including courts and administrative bodies) in the jurisdiction of the
Contracting Party concerned with the assessment or collection of, the
enforcement or prosecution in respect of, or the determination of appeals in
relation to, the taxes covered by this Agreement. Such persons or authorities
shall use such information only for such purposes. They may disclose the
International Co-Operation (Tax Information) INTERNATIONAL CO-OPERATION (TAX INFORMATION) ACT
2009 (ITALY) NOTICE 2012

© Government of Gibraltar (www.gibraltarlaws.gov.gi)
2009-50
Subsidiary
2012/136 information in public court proceedings or in judicial decisions. The
information may not be disclosed to any other person or entity or authority
or any other jurisdiction without the express written consent of the
competent authority of the requested Party. Information provided to a
requesting Party under this Agreement may not be disclosed to any other
jurisdiction.

Article 9

Costs

Unless the competent authorities of the Parties otherwise agree, ordinary
costs incurred in providing assistance shall be borne by the requested Party,
and extraordinary costs in providing assistance (including costs of engaging
external advisers in connection with litigation or otherwise) shall be borne by
the requesting Party. The respective competent authorities shall consult
from time to time with regard to this Article, and in particular the competent
authority of the requested Party shall consult with the competent authority of
the requesting Party if the costs of providing information with respect to a
specific request are expected to be significant.

“Extraordinary costs” do not include ordinary administrative and overhead
expenses incurred by the requested Party in reviewing and responding to
information requests submitted by the requesting Party.
International Co-Operation (Tax Information) INTERNATIONAL CO-OPERATION (TAX INFORMATION) ACT
2009 (ITALY) NOTICE 2012

© Government of Gibraltar (www.gibraltarlaws.gov.gi)
2009-50
Subsidiary
2012/136

Article 10

Implementation Legislation

The Contracting Parties shall enact any legislation necessary to comply with,
and give effect to, the terms of the Agreement.

Article 11

Mutual Agreement Procedure

1. Where difficulties or doubts arise between the Contracting Parties
regarding the implementation or interpretation of the Agreement, the
competent authorities shall endeavour to resolve the matter by mutual
agreement.

2. In addition to the agreements referred to in paragraph 1, the competent
authorities of the Contracting Parties may mutually agree on the procedures
to be used under Articles 5 and 6.

3. The competent authorities of the Contracting Parties may communicate
with each other directly for purposes of reaching agreement under this
Article.

4. The Contracting Parties may also agree on other forms of dispute
resolution.

Article 12

Entry into Force

1. This Agreement is subject to ratification by the Contracting Parties, in
accordance with their respective laws.

2. This Agreement shall enter into force on the date of the receipt of the last
notification by which each Party shall formally have communicated to the
other that the respective internal procedures for entry into force have been
completed. Upon entry into force, it shall have effect:

a) for criminal tax matters on that date; and

b) for all other matters covered in Article 1 on that date, but only
in respect of taxable periods beginning on or after that date, or
International Co-Operation (Tax Information) INTERNATIONAL CO-OPERATION (TAX INFORMATION) ACT
2009 (ITALY) NOTICE 2012

© Government of Gibraltar (www.gibraltarlaws.gov.gi)
2009-50
Subsidiary
2012/136 where there is no taxable period, all charges to tax arising on or
after that date.

Article 13

Termination

1. Either Contracting Party may terminate the Agreement by serving a
notice of termination directly in writing to the competent authority of the
other Contracting Party.

2. Such termination shall become effective on the first day of the month
following the expiration of a period of six months after the date of receipt of
notice of termination by the other Contracting Party.

3. Following termination of the Agreement, the Contracting Parties shall
remain bound by the provisions of Article 8 with respect to any information
obtained under the Agreement.

In witness whereof, the undersigned, being duly authorised thereto, have
signed the Agreement.

Done at London on 2 October 2012, in two originals, each in the Italian and
English languages, both texts being equally authentic.


FOR THE GOVERNMENT OF GIBRALTAR FOR THE GOVERNMENT OF THE ITALIAN REPUBLIC

Gilbert Licudi QC Alain Giorgio Maria Economides
Minister with responsibility for
Financial Services
Ambassador