Corso di studio in Finanza Aziendale e Mercati Finanziari

The purpose of the course is to offer students a basic preparation about general principles of tax law (general part) and main Italian taxes (specific part). It is also the purpose of the course to provide students with a good knowledge of the tax regimes of financial assets and instruments in the various forms they may present in the market. All of this in an international and European perspective.

The students gain knowledge and understanding on the current tax system in a national, international and European perspective and are able to properly apply the institutions of tax law and the positive rules governing the main taxes (IRPEF, IRES and IVA) to simple concrete cases, with specific reference to the tax regimes of financial assets and instruments.

The students understand the technical language proper of tax law and gain critical skills in evaluating the answer provided to the main tax issues by the professionals (financial administration, case law, professionals).

Module I (Prof. Alessandro Vicini Ronchetti)

The constitutional principles in tax matters.

The structure of the tax and tax classifications.

Substantive, procedural and procedural rules.

The income tax system. IRPEF, IRES and VAT.

Module II: (Prof. Alberto Franco)

The taxation of financial income: historical-normative evolution. The definition of financial income as a distinct category. The role of financial intermediaries. The system of withholding taxes: substitute taxation and withholding taxes and as an advance payment.

The taxation regimes of financial income. Capital income.

Taxation of capital gains and capital costs in business income:

- domestic discipline

- European discipline

- international discipline

Different income of a financial nature. The main criticalities of the current structure. Collective investment schemes for savings.

Declaration regime, administered savings and managed savings. Individual savings plans

Oral test. The test consists of two/three questions aimed at verifying the depth of the knowledge, the students' ability to apply what they have learnt to simple practical cases and the reasoning ability of the students.

Material concerning the issues addressed during classes is made available online.

1) Sources of tax law: Italian domestic sources, international sources and European sources; measures of coordination among different levels of rules and resolution of conflicts.

2) The direct taxes on income. The personal income tax (IRPEF) and the corporate income tax (IRES) regulated in the D.P.R. n. 917/1986, with specific regard to the taxation of the financial income, among "capital income", "business income" and "other income". The taxation of non-residents in respect of the income arising to them in Italy and the taxation of the residents in respect of the foreign income.

3) The international tax treaties to avoid double taxation. The OECD model tax convention. General rules for taxation of transnational dividends, interest and royalties.

4) The relationship between the economic freedoms laid down in the EU Treaties and tax law. EU Directives with respect to taxes on income: the Directive n. 90/435/CEE concerning dividends, the Directives n. 2003/48/CE and n. 2003/49/CE concerning interest and royalties and the Directive (UE) 2016/1164 (ATAD-Anti Tax Avoidance Directive).

5) The value added tax, between Community rules (Directive n. 2006/112/CE) and Italian rules (D.P.R. n. 633/1972 and D.L. 331/1993), with regard to the taxation of national and international transactions.