ITALY Law and Practice Contributed by: Guido Alberto Inzaghi, Ivana Magistrelli, Silvia Gnocco and Gabriele Paladini, SI – Studio Inzaghi
The substitute tax applies, upon option, to: • transactions related to medium- and long- term financing (more than 18 months carried out by banks); • financing transactions, the duration of which are more than 18 months, set up by securiti - sation special purpose vehicles, EU insurance companies and by EU UCITSs; and • securities of any kind, by anyone and at any time given in connection with financing transactions structured as issues of bonds or bond-like securities. 4. Planning and Zoning 4.1 Legislative and Governmental Controls Applicable to Strategic Planning and Zoning Town planning rules are set forth by each munici - pality at a local level by means of the general town planning scheme. The local rules must be in compliance with national and regional legislation (indeed, zoning is a shared competence between the state and the region), and with higher-ranking plans (such as the regional and provincial plans). The regional authorities must also check each local town planning scheme and have the authority to require any necessary changes to the rules to ensure compliance with the higher- ranking plans. 4.2 Legislative and Governmental Controls Applicable to Design, Appearance and Method of Construction The regulation of the design, appearance and method of construction of new buildings, and the refurbishment of existing buildings, is set
forth principally at a national level. However, certain aspects of design and appearance may be further detailed locally, through the building
regulation of the municipalities. 4.3 Regulatory Authorities
The municipality is responsible for authorising and controlling the development of individual parcels of real estate. If the asset is affected by specific restrictions, the authority competent over the constraint must issue its prior approval. In any case, development projects must com - ply with town planning, building, hygiene, health and safety, structural stabilityand fire prevention regulations, as well as any specific constraint (hydrogeological, cultural, landscape, etc) affect - ing the asset. 4.4 Obtaining Entitlements to Develop a New Project The entitlement procedure and specific build - ing title depend on the type of building works to be carried out, and they are mainly regulated by national legislation. For certain works, the developer must submit a prior certified notice to the Municipality (a Start Works Notice or SCIA – Segnalazione Certificata di Inizio Attività ), which is checked by the rel - evant municipal offices. Significant works are subject to the issuance of a building title (building permit) on the part of the municipality. The general town scheme may – at a local level – provide for the necessity to approve a prior implementation plan or to enter into a town plan - ning agreement.
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