PEX participation exemption

Creator:	HelenG
Language pair:	Italian to English
Discipline:	-
Definition / notes:	Capital gains realised by companies subject to IRES on the sale of shareholdings, subject to certain conditions, can benefit from the “participation exemption regime” (PEX), according to which capital gains realised on qualified shareholdings will be exempt for 84% of their amounts (the percentage of exemption is so decreased starting from 1 January 2007). Capital losses relating to the same shareholdings are not deductible (for 100% of their amount).
URL:	http://www.iclg.co.uk/khadmin/Publications/pdf/1107.pdf