CJEU - Recent Developments in Direct Taxation 2025
1. Aufl. 2026
Besitzen Sie diesen Inhalt bereits,
melden Sie sich an.
oder schalten Sie Ihr Produkt zur digitalen Nutzung frei.
1. Introduction
On the Court of Justice of the European Union (CJEU) delivered its judgement in cases C-92/24, C-93/24 and C-94/24 (Banca Mediolanum) and declared the incompatibility of the Regional tax on productive activities (IRAP) regime of dividends received by financial intermediaries with Art. 4 of Directive 2011/96/EU of (the Parent-Subsidiary Directive, or the Directive).
According to the CJEU, the 50% inclusion in the IRAP taxable base of the dividends pursuant to Art. 6(1)(a) of Legislative Decree No. 446 of 15 December 1997 (Decree 446/97) infringes Art. 4 of the Directive, which provides that the Member State of the parent company must “refrain from taxing” profits distributed by qualifying subsidiaries (except for an amount up to 5% of the dividends, representing non-deductible costs related to the shareholdings). The budgetary consequences of this judgement are expected to be significant and the draft Italian Finance Act for 2026, currently under the scrutiny of the Italian Parliament, contains certain provisions addressing the issue. However, based on the published draft of the new law, the (updated) IRAP regime of dividends might still ...