Firm assists Banca Popolare di Vicenza
The Firm’s partners Dario Romagnoli, Lorenzo Piccardi and Cristiano Caumont Caimi, assisted by associate Ira Shiku, have obtained confirmation from the Italian Tax Agency – Central Legal Advisory Department, of the non-taxability of the compensation paid by Banca Popolare di Vicenza – currently in compulsory administrative liquidation – to its shareholders as a result of the settlement agreements entered into.
The Tax Agency confirmed that the compensation in question, since its aim is to provide a lump-sum recovery of the damage arising from sale of the shares of the bank through potentially irregular conduct, is not income-related and therefore should not be taxed. This response surmounts the interpretative doubt generated by a previous response of the Regional Directorate of Veneto to a request made by a shareholder.
Given the large number of shareholders who have accepted the settlement (approximately 67,000) and the principles of general interest contained in the response, the Agency has made the content public through Resolution no. 153 / E / 2017 of 18 December 2017.