Press Release: Taxation of interest and royalty payments: The Commission requests Italy to implement the Community Directive correctly

The European Commission has sent a formal request to Italy to ask it to implement correctly the Council Directive 2003/49/EC of 3 June 2003 on a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States. The request is in the form of a Reasoned Opinion, the second stage of infringement proceedings provided for in the Treaty (Article 226). If Italy does not reply satisfactorily to the reasoned opinion within two months the Commission may refer the matter to the European Court of Justice.