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1 Monte Titoli Italian FTT Service Model Release 1.8 September 2014
1
Monte Titoli Italian FTT
Service Model
Release 1.8 September 2014
Contents
1.0 Introduction 4
2.0 Service description 6
3.0 Data Scheme 17
4.0 CSV file: format & fields 26
Release 1.8 September 2014
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1.0 Introduction
Overview The Financial Transaction Tax (FTT) has been introduced in Italy by the law n° 228 of 24 December 2012 and it's applicable to trades affecting securities issued by companies with its registered office in Italy. The regulatory framework is made of:
The Law n. 228 of 24 December 2012 (hereinafter the "Law"), which introduced in Italy the taxation of certain financial transactions
The Ministry Decree of 22 February 2013, providing rules for its implementation
The Resolution of the Tax Agency, which defined the operational guidelines for the transactions reporting and for tax amounts payment
The so called "Decreto del Fare", which postponed the first payment date The FTT is applicable to: 1. Transfer of shares and securities ownership , issued by companies with an office
registered in Italy, or other securities resulting from bond conversions (comma 491 of the Law)
2. high frequency trades (comma 495 of the Law) 3. derivatives, when the underlying or conventional value is composed, for more than
50%, by securities included in points n.1 and 2 (comma 492 of the Law) Due tax amounts determination will start on March 1st 2013 for points n.1 and 2; Same determination will start on September 1st 2013 for point n.3.. Please note that the first tax payment has been postponed, by the "Decreto del Fare", to October 31st 2013. In order for the tax to be applicable, securities should be issued by entities with an office registered in Italy and with a Market Cap superior to 500 million EUROs (as detected at the end of November of the previous year).
An exhaustive list of issuing entities with a Market Cap inferior to 500 million EUROs, for which the FTT is not applicable, is updated on yearly basis; for 2012 the list attached to the above-mentioned Law will be considered valid. Finally it's to be pointed out that the tax is applied both to on and off exchange transactions; the accountable parties (responsible to pay the tax) are below identified as:
the buyer, for transactions affecting shares and similar; both counterparties (buyer and seller) for derivatives; entities, within high frequency trades, submitting, by algorithms, buy and sell
contracts, deletion, modification trades. Fiscal residence and nationality of accountable parties, as well as the trading platform in use, are not relevant to determine whether the tax is applicable or not.
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Subject of the service The Ministry Decree of 22 February 2013, art. 19 comma 5, states that accountable parties can appoint Monte Titoli, in its role of Central Securities Depositary according to Art. 80 of the TUF, in order to submit reports and tax payments to the Italian Tax Agency. FTT service has been developed in compliance with the Provision of the Tax Agency, defining the relevant guidelines for the reporting of transactions and for the payment of the tax amounts.. The service targets those entities responsible for tax payments and transaction reporting (hereinafter, Accountable Parties) which may coincide or not with the entities required to pay tax (hereinafter, Liable Parties) Therefore, the following entities are eligible to participate to Monte Titoli's:
Intermediaries with registered office in Italy
intermediaries resident in countries with which Italy has signed an agreement for the exchange of information and assistance for tax credits recollection (so-called White list)
Intermediaries with registered office in a Black List country who have not yet appointed a third party, as described below, for the payment of tax.
All such entities may apply for membership only on condition that they have not appointed any other entity to act in this role. The following options are included in the Service:: 1) upload of declarations, either with a single or a bulk upload, to be forwarded to the Tax
Agency at later stage by Monte Titoli; 2) payment advices, including eventual solicitations, reporting the due tax amount during
the month 3) cash settlement in favor of the Tax Agency 4) reporting of the amount to be paid on a monthly basis to the Tax Agency (by means of
F24) 5) annual declaration, to report the tax amount paid in a year The service is offered via a Graphic User Interface (GUI), Internet based, providing Inquiry and monitoring facilities to support the participants' reconciliation process.
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2.0 Service description
Membership
The participation in the service is done with the signing of the contract (FTT Services) , duly
completed in all its parts with the information requested. It is available in the "contracts"
section (download area) of our website www.montetitoli.it .
Signing the contract the client accepts the General Conditions of the FTT service.
The following accountable parties may apply for membership:
Entities directly responsible to declare and pay taxes
Permanent establishments of non-resident entities responsible for tax payments
Tax representative of non-resident intermediaries
The above mentioned contract is signed by the relevant accountable parties, according to the
below detailed list; the accountable party, participating to Monte Titoli's Service, may appoint a
third party (agent), acting as facilitator without taking any responsibility, by filing the dedicated
section of such contract.
Should a third party try to submit its own declarations without having the contract in place, the
system will not allow for it but only to submit declarations on behalf of Its underlying clients
whose delegation has been properly stated in the contract framework.
The following table helps in identifying who is the entity entitled to sign the contract for the
service, according to all applicable scenarios:
Intermediary Accountable party/ Participant in Monte Titoli
service
Entity with legal office in Italy (Italian broker)
Entity with legal office in Italy (Italian broker)
Entity with legal office in other country, either black or white list, but with a stable organization (branch) in Italy
The Italian branch
Entity with legal office in other country, either black or white list, with a tax representative in Italy
Tax representative in Italy
Entity with legal office in other country, white list, but without a stable organization (branch) or tax representative in Italy
Entity with legal office in the white list country
Entity with legal office in a black list country, controlled by a group with its legal office in Italy
The Italian holding on voluntary basis (on the contrary the black list entity)
Entity with legal office in a black list country, with no branch or tax representative in Italy
Entity with legal office in the black list country
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To participate in the service a tax ID is necessary; entities who do not hold a Tax ID In Italy
should submit an application to the Italian Tax Agency, to the e-mail address:
Membership will be allowed only upon notification of the Tax ID, but the application may be
started even if such code has not been already obtained; the tax ID will be notified to Monte
Titoli at a later stage and the activation will be subsequent.
Entities with legal office in so-called Black List Countries, which decided to apply to
Monte Titoli's Service, should attach the Letter of Undertaking in favor of Monte Titoli
(as per attachment 4 of the Tax Agency Resolution) to the application, together with
Monte Titoli's acceptance; therefore such Letter should be sent to Monte Titoli, in order
to receive the confirmation, before applying for the Tax ID.
Monte Titoli will confirm its official acceptance by means of a Letter which will be
addressed to the applicant via e-mail in PDF format.
Monte Titoli will confirm the go live date to the contact detail specified by the client in the
contract; such contact detail will be considered as relationship entry point.
Credentials to access the GUI are delivered to the e-mail address of such contact detail as
well.
Each client will be entitled to specify in the GUI all necessary details for a complete setup; the
GUI will provide a global view on all transactions executed on behalf of the represented liable
parties.
Timetable to send declarations and perform tax payments
According to the Law, Monte Titoli shall pay the due tax amounts to the Italian Tax Agency
within the 16th day of the second month following the month in which:
1. occurred the transfer of ownership related to the securities included in paragraph 491 of the
Law (shares and similar). Settlement date refers to the actual registration of transfers on
accounts , or, by prior arrangement between the Liable Party and the Accountable Party, the
settlement date contractually agreed
2. Securities transactions included in paragraph 492 of the Law (derivatives) is concluded or
modified
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3. Contracts cancellation - or change - related to securities included in paragraph 495 of the
Law (high frequency trades) is sent.
Monte Titoli provides its clients with the possibility to transfer due tax amounts:
A. On a dedicated Target2 account property of Monte Titoli;
B. On specific account coordinates provided by Monte Titoli;
Please note that the deadline for paying due tax amounts (related to a specific month) on
Monte Titoli's accounts is set as the 16th day of the following month (e.g. if tax amounts are
related to September 2013, same amounts should be paid within October 16th 2013). This
system allows Monte Titoli to check the amounts and notify possible incorrect values to the
Italian Tax Agency, within the above mentioned deadlines.
Clients may choose to submit to Monte Titoli declarations related to points n.1,2 and 3 with a
specific file every day or once a month, when the Service is available, always related to the
month in which the relevant transactions took place. Please note that the last deadline for
submitting declarations is set as the 5th workday of the month following the one in which the
relevant transactions took place.
How to submit Declarations
Declarations may be submitted via upload of CSV files, according to the data scheme
guidelines provided in the attachments, or by manual input via the GUI Web Interface.
Files upload can be alternatively by using one of the above-mentioned options. In any case,
files should comply with the formatting rules described in Part III of this document.
Furthermore, each file should comply with specific nomenclature rules.
If the manual input option is chosen, the client is required to save the data (save option) and
then, after a double check on consistency, to approve (approve option); please note that all
data saved but not approved won't be processed as valid declarations.
Please note that all transactions should be reported, either taxable, tax exempt or excluded
from the tax application.
Monte Titoli will act only as a facilitator in the process, so that won't take any liability with
reference to the content of the declarations and the tax amount to be paid; accuracy of the
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data and paid amount will still remain under the responsibility of the relevant accountable
parties.
In the event that a participant acts as facilitator on behalf of one or more accountable parties,
such entity will be entitled to submit a single file for each accountable party or a aggregated
upload.
In any case Monte Titoli will send a unique file per each Accountable Party to the Italian Tax
Agency.
The sum of all the amounts reported for each accountable party during a month of reference,
will generate the counter-value of the due tax, reported in the advices of payment sent by
Monte Titoli.
Controls performed on uploaded declarations
Our service provides the following facilities, to support reporting and reconciliation at client's
benefit:
1) check of the correct file format, in terms of length of fields, record structure, filing of
mandatory fields, etc.
2) verify the sender of the file to be a participant
3) confirm that accountable parties, if resident in the Black list countries, are correctly
registered in the Tax Agency database and included in its public list
Corrections
All files which do not successfully conclude the checking process are rejected; the sender Is
required to correct any reported error and to submit the relevant file again.
In case of upload via CSV file, the client may check the errors detected by the system by
means of the "drilldown" option (right click of the mouse on the relevant file).
Late declarations
Declarations received after the Intended deadline will be registered as "late"; the client may
ask Monte Titoli to convert into valid declarations but such option determines an additional fee
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(unless the late declaration is caused by IT troubles generated by the system operated by
Monte Titoli).
In case of CSV upload, late status is confirmed via e-mail as well to the client.
Cancellation of declarations
Clients are entitled to cancel one or more uploaded files at any time, on condition that such
cancellation does not affect declarations already submitted by Monte Titoli to the Tax Agency.
Cancellation is done by means of a facility available in the GUI.
Evidence of deleted files is available in the system for a period of 6 months after the day on
which the cancellation took place.
Monitoring
Monitoring is available through the GUI; all files remain available on-line, either successfully
uploaded, those who did not pass the validation ,sent to the Tax Agency, cancelled or
rejected; the period of on-line storage is described in the dedicated section.
Determination of the tax grand total
The service provides to calculate the grand total of the due tax, on a monthly basis and for
each accountable party, by summing the tax amounts specified in each file correctly received
and processed.
Such amount is reported in the payment advices sent to the relevant client; each client Is
invited to check the reported amount to be correct.
The amount calculated as described above, and reported in the payment notices, may not
necessarily correspond to the amount that is specified in the F24forms, the latter being related
to the amount actually paid.
Please note that norms published by the Italian Tax Agency clearly state that the amounts (in
EUROs) should consider the last 2 digits to the right as decimals. Clients should take into
account this format rule when uploading data.
E.g.: if a value of 102099 is reported, it will be intended as 1020,99; if the amount to be
reported is 102.099, the field should be formatted as 10209900 (which will be read as
102099,00).
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As a consequence, field used to report amounts (i.e.: taxable amount, tax amount, etc.)
should never Include "." or "," as separator (on the contrary the format will be wrong).
Payment advices and solicitations
A pre-advice of payment is sent the 5th business day of the month subsequent the month of
reference (for which the tax amount has been calculated); the message is sent via e-mail to
the addresses specified by the client in the GUI setup.
The format of such pre-advice is below detailed:
From: [email protected]
To: Client address
Subject: Italian FTT – Monte Titoli Payment Notification
Body: Please submit FTT payment to Monte Titoli using the instructions included below.
FTT Details
Intermediary Name: Example intermediary
Intermediary Tax Code: 123
Monthly Reporting Period: Month – Year
Accountable Party: Example accountable party
Taxable Amount 491: 100.00 EUR
Taxable Amount 492: 50.00 EUR
Taxable Amount 495: 0.00 EUR
Total Tax Amount Due: 150.00 EUR
Payment Due Date: 16th Month
Payment Instructions
The T2 or the commercial bank account opened in the name of Monte Titoli
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On the 17th day of the month subsequent the month of reference (for which the tax amount
has been calculated) the service provides to send a solicitation, if the relevant accountable
party didn't provide to pay the tax amount (or if the delivered amount is les than expected).
The format of such solicitation, sent to the e-mail addresses specified by the client as well, is
below detailed:
From: [email protected]
To: Client address
Subject: Italian FTT – Monte Titoli Payment Reminder
Body: FTT Details
FTT payment overdue. Please submit FTT payment to Monte Titoli using the
instructions included below.
Intermediary Name: Example intermediary
Intermediary Tax Code: 123
Monthly Reporting Period: Month – Year
Accountable Party: Example accountable party
Taxable Amount 491: 100.00 EUR
Taxable Amount 492: 50.00 EUR
Taxable Amount 495: 0.00 EUR
Total Tax Amount Due: 150.00 EUR
Latest Payment Date: Last business day of month
Payment Instructions
The T2 or the commercial bank account opened in the name of Monte Titoli
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Tax payment
Clients are asked to settle the tax amount, within the expected deadline, with Monte Titoli T2
cash account or with the dedicated banking coordinates (in case the client does not hold a T2
account). Clients should opt for the system of payment chosen and indicated in the contract.
.
In order to support reconciliation, clients are asked to reference the payment by quoting the
same reference included in our payment advice.
If the amount delivered does not match the one expected (less or more) it will be accepted
anyway, as long as it is clearly reported, within the payment message, precise detail of
amounts declared per each type of taxation indicated. This in order to provide evidence of the
type of taxation for which no tax amount has been declared, or has been declared only
partially.
E.g.: let's assume that the due amount is € 50.000,00, composed as follows:
- Taxation ex Art. n.491 of the Italian Law (transactions on equity): € 25.000,00
- Taxation ex Art. n.492 of the Italian Law (transactions on derivatives): € 10.000,00
- Taxation ex Art. n.495 of the Italian Law (high-frequency trades): € 15.000,00
Furthermore, let's assume that the paid amount is less than due and equal to € 45.000,00.
In order to allow identification of the type of taxation for which the due amount has been
delivered only partially, it is necessary to clearly specify in the payment message:
- Taxation as per art. n.491 of the Italian Law (transactions on equity): € 20.000,00
- Taxation as per art. n.492 of the Italian Law (transactions on derivatives) : € 10.000,00
- Taxation as per art. n.495 of the Italian Law (high-frequency trades): € 15.000,00
Please note that Monte Titoli will reject declarations without the above-mentioned breakdown.
In case no amended (correct) payment is submitted within the expected deadline, Monte Titoli
will notify the Italian Tax Agency for a missing payment by the Accountable Party.
On the day set for the payment of the tax amounts, Monte Titoli performs the expected
account movement in favor of Italian Tax Agency.
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In case payments submitted by Accountable Parties:
matches with Monte Titoli's payment advice, such amount is paid to the Italian Tax
Agency.
is less than specified in the payment advice, such amount is paid as well and the
Italian Tax Agency is notified the difference from what expected.
is more than specified in the payment advice, the correct amount is paid to the Italian
Tax Agency and the exceeding part is automatically returned to the client.
In case no amount is received, Monte Titoli will notify the Italian Tax Agency that the due
amount was not paid.
Monthly notifications to the Italian Tax Agency
Basing on the amounts effectively received, Monte Titoli will provide to instruct the tax
payment, via the system currently in use for tax purposes in Italy (called F24); each F24 will
include the amount received by the relevant client (event if declared amounts do not match
with the total sum of each submitted declaration related to the same month).
Annual declarations
The service will provide to generate an annual declaration, for each accountable party
participating or acting by means of a third party, reporting the sum of all amounts paid in a
year of reference.
Such declaration will be reported to the Tax Agency according to requirements given by the
Tax Agency itself.
The Annual declaration is filled by Monte Titoli on the basis of taxes paid by each clients in the
previous year.
Monte Titoli will verify the data collected by clients with the latters and will provide clients with
the notification once the annual declaration will be submitted to Italian Tax Authorities.
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Possible tax credits and reimbursements due for taxes paid in excess will be compensated in
the annual declaration and the amount will be deducted till full compensated in the next
monthly IFTT payments.
"Ravvedimento operoso"
The so called "ravvedimento operoso" is the procedure to pay taxes that weren't paid by
clients by deadline. Clients have to notify the amount not due via the original GUI or .csv file
as per the ordinary procedure followed for the ordinary IFTT communication.
In the file only the missed tax paid amount has to be included without any interests or
penalties.
The effective amount to be paid (this time including interests and penalties) has to be
calculated by client and communicated to Monte Titoli via mail to mail address [email protected]
using the form available in Monte Titoli website at page:
www.montetitoli.it/domestic/iftt/ravvedimentooperoso.en.pdf
Monte Titoli doesn't commit herself to granting the full correctness of the calculation that's an
obligation at accountable party level that's fully responsible in front of Tax Italian Authorities.
Just as example and without considering as an official interpretation of Italian Agenzia delle
Entrate's understanding, the "ravvedimento operoso" is calculated by the original first available
tax payment deadline in which taxes haven't been paid till the first next tax payment deadline
in which the correction can be done. In other words: a missed tax payment occurred for the
month of January noticed and communicated on 20th April will be paid on 16th May. So,
missed interests and penalties will be calculated from 16th February (tax payment deadline for
the tax collected in the month of January) till 16th May (effective payment of taxes). If in our
example the communication of the tax not paid will be done on 10th April, the date of the first
available tax payment to Italian Tax Authorities will be the 16th April.
The ravvedimento operoso will be performed only if
- the credit of the tax to be paid + penalties due + missed interest will be done on Monte Titoli
iFTT account
- the credit of funds has to be done by 5 working days prior to the first available tax payment
deadline
- Possible corrections and "ravvedimenti operosi" requested and credited in this window of
time (5 days prior to tax payment) can be performed only on a best effort basis.
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If all the conditions are met, Monte Titoli will provide to pay Italian Tax Authorities by the
expected deadline via a F24 form including missed taxes, interests and penalties as
communicated by client that's fully liable in respect of the correct application of the tax.
Operational timetable
The service is open according to the Target calendar and the relevant daily operating hours.
Deadline Activity
5th business day of the month subsequent the month of reference for tax calculation
Last deadline to send declarations for the accountable party and first day for MT to send the pre-advice of payment
16th calendar day of the month subsequent the month of reference for tax calculation (if not a business day, the next one)
Last deadline for the accountable party to pay the tax to MT
17th calendar day of the month subsequent the month of reference for tax calculation (if not a business day, the next one)
MT provides to send solicitations, in case tax payment has not been received
16th calendar day of 2nd
month subsequent the month of reference for tax calculation (if not a business day, the next one)
Last deadline for MT to pay taxes to the Tax Agency
Data storage
Monte Titoli provides do register and store all processed files and data, according to the
following timetable:
1) files sent to the Tax Agency → 10 years
2) F24 forms sent on a monthly basis → 10 years
3) rejected files → 6 months
4) canceled files → 6 months
5) declaration files sent from Accountable Party → 10 years
Please note that the Law provides for an obligation for both Liable and Accountable Parties, to
keep the evidence of forwarded reports and of paid tax amounts in order to respond to any
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investigation by the authorities empowered to do so, according to the data retention period
required under the Law.
Invoicing
Fees applicable to the service are detailed in the "Price List for services provided to
intermediaries", available on Monte Titoli's official website (www.montetitoli.it).
Debit of the amounts shown in the invoice issued every three months is carried out directly by
Monte Titoli on the account indicated by the client in the contract, under the terms indicated in
the above-mentioned Price List. In all other cases, the client should submit amounts payments
due to Monte Titoli on the bank account indicated by Monte Titoli.
3.0 Data Scheme
Below is detailed the official data scheme to report transactions.
Record type A headline to Identify the sender (intermediary)
RECORD TYPE "A" – HEADER - DRAFT
Field Description Position Configuration
Blocking controls/ Values allowed Length Format
1 Record type 1 1 AN Set to "A"
2 Filler 2 14 AN
3 Code provision 16 5 AN "TBT00"
4 Supplier type 21 2 NU
Takes the values:
01 - Monte Titoli
5 Fsical number of the supplier 23 16 CF
The field is obligatory. If the intermediary section is absent, the field must still be equal to the fiscal number of the required communication
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Unused space
6 Filler 39 483 AN
Space reserved for the Telematic service
7 Filler 522 1176 AN
8 Space reserved for the Telematic Service
1698 200 AN
Last characters of control
9 Filler 1898 1 AN Set to the value "A"
10 Filler 1899 2 AN Set to hexadecimal values '0D' and '0A' ( ASCII characters 'CR' and 'LF')
Record Type B • Record type B is included in an FTT declaration file once per accountable party.
• Defines:
o Notification type – ordinary vs. cancellation
o Accountable party (can be different to reporting intermediary)
o Reporting period
Field Description Position Configuration Blocking controls/Values
allowed
Length Format
1 Record type 1 1 AN Set to "B"
2 Tax identification number of the intermediary (as responsible for the tax
or as the taxpayer) that records the transaction
2 11 CN Required data. The tax identification number must be
formally correct and registered in the Tax Registry. Non-
registration leads to a gap in communication at the
acceptance phase.
3 Filler 13 5 AN
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4 Progressive form 18 8 NU Amounts to 1
5 Space available to the user 26 50 AN
6 Filler 76 14 AN Amounts to Space
TYPE OF COMUNICATION
7 Ordinary communication 90 1 CB
The boxes are alternate
8 Notice of cancellation 91 1 CB
9 Communication protocol to cancel 92 24 NU If the field 10 is set, it must
contain the protocol of electronic communication to
cancel, attributed to the file when being bought and
received electronically
Data of the Person Obliged to pay - Delegator
10 Denomination 116 60 AN Data required
11 Municipality or foreign Country of the registered office
176 40 AN Data required.
12 Province (abbreviation) of the municipality of the registered office
216 2 PR Data required. For foreign country indicate "EE"
Year or reference for declaration
13 Year of communication 218 4 NU Data required
14 Month of communication 222 2 NU Data required
Space reserved for the Telematic service
15 Filler 224 1674 AN
Last control characters
16 Filler 1898 1 AN Set to the value "A"
17 Filler 1899 2 AN Set to hexadecimal values '0D' and '0A' ( ASCII
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characters 'CR' ed 'LF')
Record Type E • Record type E is included in an FTT declaration file once per accountable party.
• Defines:
o Detailed information on accountable parties
o Summary information of tax paid for the reporting period
Positional fields (1 to 89)
Field Description Position Configuration Blocking controls/Values allowed
Length Format
1 Record type 1 1 AN Amount to "E"
2 tax identification number of the
intermediary (as responsible for
the tax or as the taxpayer) that
records the transaction
2 11 CN Always set
3 Filler 13 5 AN
4 Progressive form 18 8 NU It starts from 00000001 and it must
increase by a unit for every "E" record
5 Space available to the user 26 3 AN
6 Filler 29 61 AN
NON-POSITIONAL FIELDS (of 90 characters)
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Framework
line column
Description Configuration Controls blocked
Format Values allowed Controls
DL FRAMEWORK – Data of delegator
DL001001 Denomination AN Data required
DL001002 ISO Code of the residence of the
delegator
AN Data required
DL001003 Municipality or foreign state AN Data required
DL001004 Province AN For non IT set to
"EE"
Data required
DL001005 Address AN Data required
DL001006 Phone number AN Data required
DL001007 E-mail address AN Data required
DL001008 Contact surname AN Data required
DL001009 Contact name AN Data required
VI FRAMEWORK - Tax payment data
VI001001 Month transactions AN Data required
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VI001002 Date for the payment of tax AN Data required
NU FRAMEWORK - Transaction data 491
NU001001 Taxable transactions 491 NU
NU001002 Tax 491 NU
NU001003 Taxable base exclusion for Repo
and securities lending
NU
NU001004 Number of transactions excluded
for Repos and securities lending
NU
NU001005 Taxable base exclusion for
intragroup
NU
NU001006 Number of transactions for
intragroup exclusions
NU
NU001007 Taxable base exclusion for
Riskless principal
NU
NU001008 Number of transactions for
Riskless principal
NU
NU001009 Taxable base exemption for
sovereign bodies
NU
NU001010 Number of transactions for
sovereign bodies
NU
NU001011 Taxable base exemption for funds
and ethical portfolios
NU
NU001012 Number of transactions for
exemptions for funds and ethical
portfolios
NU
NU001013 Taxable base exemption for
market making
NU
NU001014 Number of transactions for market
making exemptions
NU
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NU001015 Taxable base exemption to
support liquidity
NU
NU001016 Number of transactions for
exemptions to support liquidity
NU
NU001017 Taxable base exemption for
pension funds
NU
NU001018 Number of transactions for
pension funds exemptions
NU
ND FRAMEWORK - Data transactions 492
ND001001 Number of transactions 492 NU
ND001002 Tax 492 NU
ND FRAMEWORK - Data transactions 495
NC001001 Tax 495 NU
Filler
7 Filler 1890 8 AN Set in spaces
Last control characters
8 Filler 1898 1 AN Set to the value "A"
9 Filler 1899 2 AN Set to hexadecimal values '0D' and '0A' (
ASCII characters 'CR' ed 'LF')
Record type E includes variable fields that should be interpreted/processed as follows:
• Variable fields conform to a standard structure of 8 + 16 digits.
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• The first 8 digits identify the section and variable field e.g. NU001001 refers to section = NU – Details on 491 transactions, field = Taxable amount for 491.
• The next 16 digits provide the field value; the format should be evaluated against the data type definitions specified above (e.g. numeric, alphanumeric etc.)
Record Type F• Record type F is included in an FTT declaration file once per accountable party.
• Defines:
o Additional information related to a transaction (free text notes)
Positional fields (from 1 to 89 chatacters)
Field Description Position Configuration Blocking controls/Values allowed
Length Format
1 Record type 1 1 AN Account to "F"
2 tax identification number of the
intermediary (as responsible for
the tax or as the taxpayer) that
records the transaction
2 11 CN Always set
3 Filler 13 5 AN
4 Progressive form 18 8 NU It starts from 00000001 and it
must increase by a unit for
every "F" record
5 Space available to the user 26 3 AN
6 Filler 29 61 AN
Identification of the transaction for which the note is shown
7 Unique transaction number
identification
90 20 AN Data required
8 Note 110 1780 AN Data required
Filler
9 Filler 1890 8 AN Set to spaces
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Check digits
10 Filler 1898 1 AN Set to the value "A"
11 Filler 1899 2 AN Set to hexadecimal values '0D'
and '0A' ( ASCII characters 'CR'
and 'LF')
Record type Z
this is the bottom line
RECORD TYPE "Z": BOTTOM LINE - DRAFT
Field Description Position Configuration
Blocking controls/Values allowed Length Format
1 Record type 1 1 AN Set to "Z"
2 Filler 2 14 AN
3 Number or record type 'B' 16 9 NU
4 Number or record type 'C' 25 9 NU
5 Number or record type 'D' 34 9 NU
6 Number or record type 'E' 43 9 NU
7 Number or record type 'F' 52 9 NU
Unused area
8 Filler 61 1837 AN Set to spaces
Last three characters of record control
9 Filler 1898 1 AN Always amount to 'A'
10 Filler 1899 2 AN Set the hexadecimal values '0D' and '0A' (ASCII characters 'CR' and 'LF')
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4.0 CSV file: format & fields
The CSV file is built using the coma as separator to identify different fields; in order to set it up properly, the following criteria should be followed:
1. It’s not recommended to save the file in Excel format to elaborate it; this is due to the fact the default separator or your Excel application may be other than the coma and then an invalid file will be created;
2. All the 33 fields (as per the Tax Agency Regulation) included in the template should be evaluated (zero for numeric fields which should not contain any value);
3. After each value a coma should be filled in, according to the template (being coma the intended separator
among different fields);
4. CSV file for iFTT has a naming convention, as reported in the name of the template (NRFTT); if other name is used the file will be rejected;
5. It’s not admitted the upload of files with the same name; if more uploads should be done, the file name should
change (i.e..: NRFTT1, NRFTT2, etc.).
Format and length are established by the Italian Tax Agency’s official data schemes (in which these fields can be found). Therefore all the underlying fields are alphanumeric, with a maximum of 16 characters.
Sender tax code: Tax ID related to the submitting entity (facilitator or direct, depending on the specific case);
Accountable Party Tax Code: Tax ID of the accountable party;
Accountable Party Name: Name of the accountable party;
Accountable Party City/State: City for entities residing in Italy, State for entities not residing in Italy;
Accountable Party Province: Province for entities residing in Italy, EE for entities not residing in Italy;
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Declaration Year: declaration year of reference;
Declaration Month : declaration month of reference;
Tax Accountable Party Country: Accountable Party’s residing Country;
Tax Accountable Party City/Country: City for entities residing in Italy, State for entities not residing in Italy;
Tax Accountable Party Province: Province for entities residing in Italy, EE for entities not residing in Italy;
Tax Accountable Party Address: Address of the accountable party;
Tax Accountable Party Phone Number : Phone number of the accountable party;
Tax Accountable Party Email: Email of the accountable party;
Tax Accountable Party Contact Family Name: Referent First Name of the accountable party;
Tax Accountable Party Contact Name: Referent Last Name of the accountable party;
Tax Payment Month: Tax payment month of reference (following the month of the declaration);
Tax Payment Date: 16th of the month of reference for the payment;
Equity Taxable Amount: Equity taxable amount;
Equity Tax To Be Paid: Equity tax amount to be paid (491);
Equity Amount Excluded For Repos/Lending: Equity amount excluded for Repo/lending;
Equity Trades Excluded For Repos/Lending: Equity trades number excluded forRepo/lending;
Equity Amount Excluded For Intercompany: Equity amount excluded for Intercompany;
Equity Trades Excluded For Intercompany: Equity trades number excluded for Intercompany;
Equity Amount Excluded For Riskless Principle: Equity amount excluded for Riskless Principles;
Equity Trades Excluded For Riskless Principle: Equity trades number excluded for Riskless Principles;
Equity Amount Excluded For Supranational: Equity amount excluded for Riskless Supranational;
Equity Trades Excluded For Supranational: Equity trades number excluded for Supranational;
Equity Amount Excluded For Ethical: Equity amount excluded for Riskless Ethical;
Equity Trades Excluded For Ethical: Equity trades number excluded for Ethical;
Equity Amount Excluded For Market Making: Equity amount excluded for Market Making;
Equity Trades Excluded For Market Making: Equity trades number excluded for Market Making;
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Equity Amount Excluded For Monetary Policy: Equity amount excluded for Monetary Policy;
Equity Trades Excluded For Monetary Policy: Equity trades number excluded for Monetary Policy;
Equity Amount Excluded For Pension Funds: Equity amount excluded for Pension Fund;
Equity Trades Excluded For Pension Funds: Equity trades number excluded for Pension Fund;
Derivative Number Of Transactions: Derivatives transaction number;
Derivative Tax To Be Paid: Derivatives tax to be paid (comma 492);
HFT Tax To Be Paid: high-frequency trades tax to be paid (comma 495);
Note: Note field (optional);
Non Resident Entity ISO Code: same value filled in accountable party details; not necessary for non resident
entities
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Disclaimer
This document does not intend to give guidelines and should not be used to determine the scope of application of the Italian FTT, or to identify exemption and exclusion from tax application, or to describe the calculation of the tax due according to Law 228/2012 and Ministry Decree issued by Ministry of Finance the 21st February 2013 and related resolutions. The above mentioned legal framework is mentioned only for Information purpose, in order to support Monte Titoli service, and should not be considered as complete. Basing on the General Conditions of FTT Service, Monte Titoli does not provide to check and confirm the tax amount declared by the relevant client, or to confirm exclusion or exemption of specific transactions from tax application.
© October 2013 Monte Titoli S.p.A.
All rights reserved. Trademarks Monte Titoli, X-TRM and MT-X are owned by Monte Titoli S.p.A. London Stock Exchange, the coat of arms device and AIM are a registered trade mark of London Stock Exchange plc. The above trademarks and any other trademark owned by the London Stock Exchange Group cannot be used without express written consent by the Company having the ownership of the same. The Group promotes and offers the post-trading services of Cassa di Compensazione e Garanzia S.p.A. and Monte Titoli S.p.A. in an equitable, transparent and non-discriminatory manner and on the basis of criteria and procedure aimed at assuring interoperability, security and equal treatment among market infrastructures, to all subjects who so request and are qualified in accordance with national and community legislation, applicable rules and decisions of the competent Authorities.
