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Norm and supervisory institutions

The real estate closed funds are regulated by the norms contained in the Legislative Decree n. 58 of the 24.02.1998 and in the followings decrees of execution: DM24.05.99, n.228 and Treasure DM 31.01.2003, n.47 and successive modifications and integrations.
They are institutional organs of control:
  • the Bank of Italy, that with provision of the 14.04.2005 has approved the Regulation for the collective management of the saving;
  • the CONSOB (National Committee for the Societies and the stock market), that with deliberation n.11971 of the 14.05.1999 and successive modifications and integrations has approved the Regulation for the issuing societies.
The transparency of the Funds, beyond that from the constant control of the vigilance organs, is assured from the semiannual Appraisals carried out from the independent Experts people chosen from the Society of Management of the same Funds.
The solidity of this type of investment is assured from the constant and positive increase in the medium-along period of the pieces of real estate values, from the professional management detailed and specialized in the field, let alone from the volatility more limited regarding the bond and stock markets, because, following the prices trend to the consumption, they offer protection from the inflationary phenomena.

Taxation: the intermediary who receives in warehouse the quotas applies a withholding at the source of 20% (until the 24/06/2008 it was 12.50%*) on the taxable amount of the proceeds as follows:
  • deduction as an account for the business institution;
  • deduction as tax for all subject remaining.
Fiscal regime: on the profits deriving from the difference between the sell or liquidation price and the buy price of the quotas, the taxation always of 12.50%* can be applied in a modality that vary according to the chosen regime of saving and that can be:
  • administrated (most common), in which the intermediary takes the tax contextually to the sale of the quotas;
  • managed, in which the society of patrimonial management pays at the year-end the tax calculated on the gains of the management;
  • declaratory, in which the investor calculates the tax to be payed based on the realized profits during the year.
* Normative on the fiscality of the real estate funds: the circular of the entrances agency of the 03/11/2008 explains the modifications brought from the article 82, sub-section from 17 to 22, of decree-law 25 june 2008, n. 112, converted, with modifications, from the law 6 August 2008, n. 133.
Update rules:Circular No.2 of 15/02/2012 of agency revenue reorganizes the fiscal discipline of the real estate funds.

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