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ARTICLE · 01 SEPTEMBER 1998

Trieste Off-Shore Centre

European UnionStrategy
Law No. 19 of January 9, 1991 ruling border areas (Provisions for the Development of Business Activities and International co-operation of the region Friuli-Venezia Giulia, Province of Belluno and neighbouring areas) provides, under Article 3, for the incorporation of the International Financial and Insurance Offshore Centre of Trieste. By means of Decision of April 12, 1995, the Commission of European Communities specified that all individuals and legal persons having their tax domicile in Italy will be entitled to all operations carried out by the Centre and that tax benefits may not exceed Lit. 65 billion and are limited to investments and loans for 3.5 billion Ecu.

Furthermore, the decision under examination establishes that tax benefits will be exclusively reserved to profits deriving from operations undertaken with Central European countries, the Balkans and the former Soviet Union, and only to profits earned in the Centre during its first 5 years of activity.

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