IGD SiiQ

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The commitment to be a SIIQ

IGD was the first company in Italy to achieve REIT or SIIQ - Società di Investimento Immobiliare Quotata - status.

In April 2008 IGD exercised the option to be treated under the new tax regime after having satisfied all the subjective requirements, namely those relating to ownership and regulations, as well as the objective requirements at 31 December of the same year relating to asset base and revenue composition in accordance with the law.

Since then IGD has always satisified the law's requirements and constantly kept the status of SIIQ.

Main characteristics of the REIT/SIIQ regime

OBJECTIVE REQUIREMENTS
  • Freehold rental properties must make up 80% of the real estate assets
  • Revenue from rental activities must total at least 80% of the positive entries in the income statement (excluding changes in the properties' fair value)
OWNERSHIP REQUIREMENTS
  • A single shareholder may not hold more than 60% of the company
  • At least 25% of the float must be held by shareholders who hold interests of less than 2%. The requirement is not applicable to listed companies.
DIVIDEND DISTRIBUTION
  • At least 70% of the distributable income generated by exempt operations must be paid out as dividends
INCOME TAX
  • Revenue generated by rental activities are not subject to IRES (corporate income tax) and IRAP (regional business tax)
  • Capital gains generated by the sale of assets, interests in SIIQs and SINQs, as well as interests in real estate funds, are considered part of the exempt operations and 50% must be distributed in the two years subsequent to the disposal.
ENTRY TAX
  • 20% on the capital gains resulting from transfers

 

The special SIIQ regime was introduced under Law n . 296 dated 27 December 2006, as amended, as well as Ministerial Decree n. 174 of 7 September 2007. Certain changes to the SIIQ regime were introduced in Art. 20 of Legislative Decree 12 September 2014 n. 133 (referred to as the "Sblocca Italia" - "Unlock Italy" - decree) in an effort to overcome the regulatory rigidity that has blocked development. More in detail, the decree redefined the ownership requirements for the shareholders of SIIQ and rendered investment management more flexible. Tax regulations were also changed to be the same as Those applicable to real estate funds in order to neutralize the difference between the two options. The changes, that the "Sblocca Italia" ("Unlock Italy") decree has made under the Special Regime, were commented by the Circular No. 32 / E of 17 September 2015 of the Revenues Agency.

 

 
 
 
 
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