Italian Tax Black List

Ministry of Finance Decree of 04/05/1999 – art. 1 Title of the measure:Identification of states and territories having a preferential tax regime Title of document:States tax-privileged purposes income tax  Text: in force since 10/05/1999Are considered tax-privileged purposes of, the application of Article. 2, paragraph 2-bis of the Consolidated Income Tax, approved by Decree of the President of the Republic on 22 December 1986, no. 917, the following States and territories:

Alderney (Aurigny);

Andorra (Principat d’Andorra); 
Antigua and Barbuda (Antigua and Barbuda);
Netherlands Antilles (Netherlands Antilles); 
Aruba;Bahama (Bahamas); 
Bahrain (Dawlat al-Bahrain); 
Brunei (Negara Brunei Darussalam);
Cyprus (Kypros); 
Costa Rica (Republica de Costa Rica); 
United Arab Emirates (Al-al-Imarat, the Muttahida Arabiya);
Ecuador (República del Ecuador);
Philippines (Pilipinas);
Gibraltar (Dominion of Gibraltar); 
Djibouti (Djibouti);
Guernsey (Bailiwick of Guernsey);
Hong Kong (Xianggang);
Isle of Man (Isle of Man);
Cayman Islands (The Cayman Islands); 
Cook Islands;
Marshall Islands (Republic of the Marshall Islands);
British Virgin Islands (British Virgin Islands); 
Jersey;Lebanon (Al-Jumhuriya to Lubnaniya);
Liberia (Republic of Liberia);
Liechtenstein (Principality of Liechtenstein); 
Macao (Macau); 
Malaysia (Persekutuan Tanah Malaysia);
Maldives (Divehi);
Malta (Republic of Malta); 
Mauritius (Republic of Mauritius); 
Nauru (Republic of Nauru); 
Oman (Saltanat, Oman); 
Panama (Republica de Panama ‘);
French Polynesia (French Polynesia);
Monaco (Principaute ‘de Monaco); 
San Marino (Republic of San Marino);
Sark (Sark); 
Seychelles (Republic of Seychelles);
Singapore (Republic of Singapore); 
Saint Kitts and Nevis (Federation of Saint Kitts and Nevis); 
Saint Lucia; 
Saint Vincent and the Grenadines (Saint Vincent and the Grenadines);
Switzerland (Swiss Confederation); 
Taiwan (Chunghua MinKuo); 
Tonga (Tonga Pule’anga); 
Turks and Caicos (The Turks and Caicos Islands); 
Tuvalu (The Tuvalu Islands);
Uruguay (Republica Oriental del Uruguay); 
Vanuatu (Republic of Vanuatu);
Samoa (Independent State of Samoa).

This decree will “Gazzeta published in the Gazette of the Republi Italian.

Ministry of Economy and FinanceDecree of 21/11/2001Title of the measure:Identify countries or territories with preferential tax regime ofArticle. 127-bis, paragraph 4, of the consolidated taxincome ( list “).(Published in the Official Gazette no. 273 of 23/11/2001)PreamblePreamble.Text: in force since 24/11/2001THE MINISTER AND ECONOMICS AND FINANCEHaving regard to Articles 2 and 23 of the Legislative Decree of 30 July 1999, no. 300,concerning the establishment of the Ministry of Economy and Finance; In view of art. 127-bis, paragraph 4, of the consolidated income tax,approved by Decree of the President of the Republic on 22 December 1986, no.917, introduced by Art. 1, paragraph 1, letter a) of the Law of 21 November2000, no. 342, which provides that by decree of the Minister, the economy andfinance are identified states or territories with a regimeprivileged tax;Since, according to the provisions of the aforementioned paragraph 4 of Art.127-bis of the Consolidated predicted income tax, must beconsidered privileged tax regimes of countries or territories on the basisthe level of taxation significantly lower than that applied inItaly, the lack of an adequate exchange of information or ofother criteria equivalent;Considered that, for the purposes of that legislation, and, taking into accountthe category of income from business and that, for them, the measuretaxation applied in Italy includes l, income taxlegal persons el, regional tax on business’ production;Considering that the Chamber of Deputies, in its meeting of 4 October 2000,during which, and was approved the Law of 21 November 2000, n. 342, hasformally committed the Government “in the first application of the newdiscipline to define a transitional measure, what level of taxationsignificantly lower than that on average it differs by at least 30%from the average level of taxation applied in Italy “;Considering, finally, that the list of countries and territories with apreferential tax regime for the purposes of Article. 127-bis of the Consolidatedincome tax and, in any case subject to change andintegrations based on the possible acquisition of additional elementsinformation relating to the tax legislation of foreign states;Decrees:art. 1Been to favorable tax regime.Text: in force since 24/11/20011.  

For the purposes of, the application of Article. 127-bis of the Consolidated income tax, approved by decree of the President of the Republic December 22, 1986, n. 917, are considered states and territories with a regime privileged tax: 
Alderney (Channel Islands), Andorra, Anguilla, Netherlands Antilles, Aruba,Bahamas, Barbados, Barbuda, Belize, Bermuda, Brunei, Cyprus, Philippines,Gibraltar, Djibouti (formerly Afars and Issas), Grenada, Guatemala, Guernsey (IslandsChannel), Herm (Channel Islands), Hong Kong, Isle of Man, Cayman Islands,Page 1Decree of 21/11/2001Cook Islands, Marshall Islands, Turks and Caicos Islands, British Virgin Islands,The U.S. Virgin Islands, Jersey (Channel Islands), Kiribati (formerly IslandsGilbert), Lebanon, Liberia, Liechtenstein, Macau, Maldives, Malaysia,Montserrat, Nauru, Niue, New Caledonia, Oman, French Polynesia, SaintKitts and Nevis, Solomon, Samoa, Saint Lucia, Saint Vincent and the Grenadines,St Helena, Sark (Channel Islands), Seychelles, Singapore, Tonga, Tuvalu(Formerly Ellice Islands), 2 

Other states at subsidized regime.Text: in force since 14/01/2003 
1. Shall also be including among the states and territories whose wings
1) Bahrain, with the exclusion of the companies, which play exploration, extraction and refining in the oil sector; 
2) United Arab Emirates, with the exclusion of the company, oil and petrochemicals subject to tax; 
3) (Number repealed); 
4) Monaco, excluding companies that perform at least 25 revenue out of the 1: activities, of operating in art. 3 
Been to favorable tax regime with subjective and objective limits.Text: in force since 24/11/20011. The provisions specified in Art. 1 shall apply to the following States andlimited to those areas and activities “for each of them indicate 
 1) Angola, with reference to the companies’ oil that have obtainedexemption from, Oil Income TaxOf companies’ which enjoy exemptions orabatements, set in key areas of, and for the Angolan economyinvestments under the Foreign Investment Code; 
2) Antigua, with reference to international business companies,those carrying on their business outside the territory of Antigua, whichthose laid down in International Business Corporation Act, no. 28 of 1982 andsubsequent amendments and additions, as well as’ with reference to companies,that produce licensed products, such as those referred to local law no.18 of 1975 and subsequent amendments and additions; 
3) South Korea, with reference to companies, which enjoy thefacilities provided by the tax Incentives Limitation Law; 
4) Costa Rica, with reference to the companies’ proceeds of which flow into thefrom foreign sources, and, with regard to companies, carrying out activities,high-tech; 
5) Dominica, with reference to international companies merchants1’attività, abroad;
6) Ecuador, with reference to companies’ operating in the Free TradeZones which are exempt from income tax;
7) Jamaica, with reference to the company, the production forexport who enjoy the benefits of tax, Export IndustryEncourage Act and the companies’ located in the territories identified by theJamaica Export Free Zone Act; 
8) Kenya, with reference to the companies’ established in the ExportProcessing Zones;
9) Luxembourg, with reference to the company, the holding company of which the localLaw of 31 July 1929; 
10) Malta, with reference to companies’ whose proceeds flowed in from foreign sources, such as those of the Malta Financial Services Centre Act,companies’ referred to in Malta Merchant Shipping Act and the companies, Of whichat Malta Freeport Act; 
11) Mauritius, with reference to the companies’ “certified” thatinvolved in services exports, industrial expansion, tourism management,industrial buildings and clinics and are subject to Corporate Tax inlesser extent, to the Off-shore Companies and International Companies; Decree of 21/11/2001 
12) Puerto Rico, with reference to the company “carrying out activities”bank and the companies’ under the Puerto Rico Tax Incentives Act of1988 or from Puerto Rico Tourist Development Act of 1993;
13) Panama, with reference to companies’ whose proceeds flowed in from foreign sources, under the laws of Panama, the companies’ located in Colon Free Zone and companies, operating in the Export Processing Zones;
14) | Switzerland, with reference to companies’ are not subject to tax cantonal and municipal authorities, such as companies, holdings, auxiliary and “Home “; 
15) Uruguay, with reference to the companies ‘carry on the business’ bank and the holding company engaged exclusively, off-shore. 

2. The provisions of paragraph 1 shall apply also to the entities and theactivity ‘established in Member referred to in that paragraph which benefit from tax regimes broadly similar to those indicated above, in virtue ‘of agreements or provisions of, financial administration of the those States. 

This decree will be ‘published in the Official Gazette of theThe Italian Republic.