On February 23, ISDA, the Association for Financial Markets in Europe and the International Securities Lending Association jointly sent a letter to the Italian tax authorities about changes to withholding tax on dividends made in the 2026 budget law, which limits access to the reduced 1.2% withholding tax rate on outbound dividends declared after January 1, 2026. The associations request urgent clarification on how to calculate and apply the new rules, especially in scenarios like securities lending, collateral and derivatives hedging, and raise concerns about the impact of a lack of legal and operational understanding, reduced liquidity and unnecessary tax reclaims and administrative friction.
Documents (1) for Joint Letter on Italian 2026 Budget Law
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