UBS ETF Please confirm you are resident in Italy to proceed.
Starting from January 1, 2012, profits realized by Italian resident private investors (e.g., private individual investors) and deriving from Italian and certain foreign investment Funds (including UCITS) are generally subject to 20% taxation (instead of the previous 12.5% tax rate). On the other hand, profits deriving from direct investment in eligible bonds/securities (i.e., Italian government bonds and other eligible securities, including government bonds issued by qualified foreign Countries – i.e., Countries which have agreed to cooperate with the Italian Tax Authorities in international tax matters through exchange of information) continue to be subject to the previous 12.5% tax rate.
In order to prevent that "indirect" (i.e., through certain Funds) investments in eligible bonds/securities be subject to the higher 20% tax rate, and therefore penalised vis-a-vis direct investments, Italy has introduced a methodology to determine the portion of profits deriving from certain Funds (investing directly and/or indirectly in eligible bonds/securities) that are exempt from the new 20% tax rate.
Once identified the portion of profits associated with "indirect" investment in eligible bonds/securities, only 62.5% of such amount should be subject to the 20% tax rate. Thus, 37.5% of these profits will be tax exempt.
Following are the calculations in respect to the UBS-ETF Funds: