The “2021 Italian Budget Law”:
- extends to 30 June 2021 the validity of the “Guarantee Italy”, which will also operate on non-recourse assignments and financing transactions with debt renegotiation, of the SMEs’ Guarantee Fund, whose endowment has been also increased by EUR 4,5 billion, as well as of the extraordinary moratorium regime for SMEs, and (b) allows the lending by credit consortia to SMEs of up to EUR 40,000 for each transaction;
- increases to 50% the maximum amount of the tax credit on losses accrued in 2020 to be gained in respect of capital increases resolved in Q1 and Q2 of 2021, and sets at EUR 1 billion the threshold for subscriptions into SMEs’ equity that can be made in 2021;
- introduces a tax credit for capital losses on SMEs’ individual saving plans; and
- provides for (a) an exemption from the withholding tax on profits paid to foreign UCITS funds, as well as to those established in a EU or EEA Member State, and whose manager is subject to the home country’s supervision pursuant to the AIFMD, and (b) the exclusion from taxation of capital gains registered by the above mentioned funds.
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