“Tax Flash” on non-EU funds is now available

In several Judgments of July 6, 2022, the Italian Supreme Court has found that the tax regime applicable to outbound dividends distributed, before FY 2011, to US open-end investment funds breaches the EU principle of free movement of capital provided for by Art. 63(1) TFEU.

The principle of law expressed by the Italian Supreme Court seems to provide answers to current issues, specifically regarding the persistent discrimination of non-EU investment funds in the domestic tax legislation.