Implementation of the AIFM Directive in Italy – Overview of the Tax Implications

The authors, in this article, provide an overview of the main tax implications of implementation in Italy of the AIFM Directive (2011/61) for asset managers, investment funds and their foreign investors. Implementation of the AIFM Directive has given the Italian legislator an opportunity to introduce a new category of undertakings for collective investment, defined as Italian fixed capital investment companies (SICAFs).