A contribution published in IPSOA Quotidiano examines Italian Revenue Agency Ruling No. 90/2026, which for the first time addresses the tax treatment of profit distributions made on a basis that is disproportionate to shareholders’ equity interests. According to the Italian Revenue Agency, the portion exceeding the shareholder’s pro rata entitlement does not qualify as a dividend but as taxable income pursuant to Article 88(3)(b) of the TUIR. The interpretation raises significant technical and practical issues, particularly regarding the scope of the dividend exemption regime and the tax treatment of disproportionate distributions under corporate governance arrangements and participating financial instruments.
Published in IPSOA Quotidiano by Wolters Kluwer Italia.
