An Italian Minister of Economy and Finance decree aimed at implementing provisions in the Italian consolidated income tax code that introduced the Investment Management Exemption regime was published in the Official Gazette on 4 March 2024. The ministerial decree mainly addresses the definition of foreign investment vehicles and certain independence requirements.Under the Investment Management Exemption regime, a foreign investment vehicle and its direct or indirect subsidiaries can claim that they have no Italian permanent establishment if the asset/investment manager, or an advisor operating in Italy on their behalf or for their benefit, can be assumed to be acting independently from...