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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Sovereign and pension funds exempt from Italy’s Tobin tax

Posted on 27 August 2013

Financial transactions involving sovereign funds, such as treasury bonds, won’t be subject to the new Financial Transaction Tax (FTT) - the so-called Tobin tax - which goes into effect on October 16, the Italian economy ministry announced on Monday.
”Entities and organizations invested in by pension funds” will also be exempt from tariffs on equity and derivatives transactions, but ethical or socially responsible funds will not, the ministry clarified. Companies that buy shares in their controlled entities, or buy back their own stock to eliminate shares, also won’t pay the new tax destined to hit both counterparties in most equities transactions………………………………………..Full Article: Source


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