In April 2012, the protocol on amending the Russian-Italian Tax Convention (the “Protocol”) came into force. The amendments are mainly of a technical nature.

Specifically, the Protocol clarifies the article on “Information Exchange” and the term “competent authority” in relation to Italy. The Protocol also amends some provisions of the convention with respect to abolishing local income tax and property tax for companies in Italy, and introducing a regional tax on industrial activity.

[Federal Law No. 20-FZ of the Russian Federation, “On Ratifying the Protocol to Amending the Convention between the Government of the Russian Federation and the Government of the Italian Republic on Avoiding Double Taxation on Income and on Capital and the Prevention of Fiscal Evasion, dated 9 April 1996”, dated 1 April 2012]