A Japanese pension fund, the Pension Welfare Service Public Corporation, invested in shares in an Italian company. All assets of the pension fund were held by a Japanese credit institution as trustee: in this case the credit institution acting as the trustee was the Nippon Trust Bank Ltd. The trustee was required to hold the assets through a US limited partnership of which it was the limited partner. Dividends were paid by the Italian company, subject to a domestic withholding tax at 32.4% on dividends paid in 1998. The pension fund applied for a refund of the withholding tax to the level of 15% provided for by art 10 of the Double Tax Convention between Italy and Japan concluded in 1969. The Italian Revenue Agency rejected the application for repayment of the withholding tax; the Turin Tax Court held in favour of the taxpayer; but the Piedmont Tax Court of Appeal held in favour of the Revenue authorities. The pension fund appealed to the Supreme Court of Cassation, which upheld the appeal.

Arginelli, P., Government Pension Investment Fund v Revenue Agency Appeal: No 15089/2013 RG, <<INTERNATIONAL TAX LAW REPORTS>>, 2020; 22 (6): 701-725 [https://hdl.handle.net/10807/222984]

Government Pension Investment Fund v Revenue Agency Appeal: No 15089/2013 RG

Arginelli, Paolo
2020

Abstract

A Japanese pension fund, the Pension Welfare Service Public Corporation, invested in shares in an Italian company. All assets of the pension fund were held by a Japanese credit institution as trustee: in this case the credit institution acting as the trustee was the Nippon Trust Bank Ltd. The trustee was required to hold the assets through a US limited partnership of which it was the limited partner. Dividends were paid by the Italian company, subject to a domestic withholding tax at 32.4% on dividends paid in 1998. The pension fund applied for a refund of the withholding tax to the level of 15% provided for by art 10 of the Double Tax Convention between Italy and Japan concluded in 1969. The Italian Revenue Agency rejected the application for repayment of the withholding tax; the Turin Tax Court held in favour of the taxpayer; but the Piedmont Tax Court of Appeal held in favour of the Revenue authorities. The pension fund appealed to the Supreme Court of Cassation, which upheld the appeal.
Inglese
Arginelli, P., Government Pension Investment Fund v Revenue Agency Appeal: No 15089/2013 RG, <<INTERNATIONAL TAX LAW REPORTS>>, 2020; 22 (6): 701-725 [https://hdl.handle.net/10807/222984]
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10807/222984
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