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Finance sector – Panel discussion on the promotion of Milan as complementary destination post Brexit

Milan: the new London after Brexit” – with a notable lack of question mark – was the intentionally strongly-worded title of a panel discussion held on Monday 17 July at the Embassy of Italy in London. The event was organised in partnership with the law firm Loconte & Partners and focused on recent regulatory measures introduced to attract human capital and investment to Italy.

The panel included Stefano Loconte, a founder and managing partner of Loconte & Partners; Antonello Sanna, the founder and CEO of Solution Capital Management; Eusebio Gualino, the CEO of Gessi, and Aldo Bonomi, the chairman and CEO of Rubinetterie Bresciane.

The panellists’ discussions painted a picture of a dynamic taxation sector in Italy in the light of the newly introduced regulations, which improve Italy’s attractiveness in a number of sectors and strengthen the existing complementarity between Milan and London as the UK prepares to leave the EU. In his opening speech, Ambassador Terracciano pointed out that Italy’s decisive aim in the Brexit negotiations is to minimise the risk of destruction of value. He said that after Brexit, Milan will have to invest more than ever in its complementarity with London, rather than seeking to compete with it, pointing to the existing partnership between London Stock Exchange and Borsa Italiana as an example of this strategic approach.

The panel reviewed the recently introduced regulatory instruments (the so-called non-dom regime; reduced taxes on dividends paid to shareholders outside Italy; reduced taxes on fringe benefits, super depreciation allowance) and discussed a number of proposed regulations currently being examined in the Chamber of Deputies, such as those that aim to simplify Islamic-finance transactions, which are one of the City of London’s strong points but not yet sufficiently regulated in Italy.

The entrepreneurs on the panel then discussed their experience, notably acknowledging the progress achieved in making Italy more business-friendly but noting that investment in Italy could be further stimulated with rationalisation of the tax system.

 

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