Italy amends financial transaction tax, delays introduction

ROME Thu Dec 13, 2012 6:37am EST

ROME Dec 13 (Reuters) - The Italian government modified a planned tax on financial transactions on Thursday, raising the tax rate for share transactions but postponing a decision on the rate for derivatives.

Under an amendment inserted in the 2013 budget law, the government also delayed by a few months the introduction of the new levy, initially planned for Jan. 2013.

Share transactions will be subject to a tax rate of 0.12 percent from March 2013, falling to 0.1 percent from 2014, according to the amendment.

Market makers and share trading in companies with a market capitalisation of less than 500 million euros will be exempt from the tax. Trading in derivatives will be taxed at a fixed rate, yet to be determined, from July 2013.