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 (carried out for more than 18 months by banks); • financing transactions, which last for more than 18 months and are set up by securiti - sation SPVs, EU insurance companies and EU undertakings for collective investment in transferable securities or 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 out by each munici - pality at a local level by means of the general town planning scheme. The local rules must comply with national and regional legislation. Indeed, zoning is a shared responsibility 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 prin - cipally set out at a national level. However, cer - tain aspects of design and appearance may be detailed further locally, through the building
regulations 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 with control over the restriction must issue prior approval. In any case, development projects must com - ply with town planning, building, hygiene, health and safety, structural stability and fire preven - tion regulations, as well as any specific restric - tion (hydrogeological, cultural, landscape, etc) affecting 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 Segnalazione Certificata di Inizio Attività (SCIA)), which is checked by the relevant municipal offices. Significant works are subject to the issuance of a building permit by the municipality. The general town scheme may, at a local level, make it mandatory for a prior implementation plan to be approved or for a town planning agreement to be entered into.
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