摘要：In 1974 Italy enacted a tax reform that differentiated the tax treatment for bond holders according to whether they are businesses or private individuals. In turn, "fixed income” financial activities were distinguished based on the nature of the issuer, public or private. The present work attempts to trace and evaluate the impact of this reform. In particular, the changes in yield on government bonds is analysed for the years following the introduction of the reform up to its most recent change, made in September 1986. To this end, the authors summarise the change made in the tax code before quantifying their impact, mainly with reference to the profit and loss accounts of credit institutions. Some indications on the effects of the most recent change in the tax treatment of interest are also outlined.
