Investing.com -- Italy’s Revenue Agency issued guidance on Monday regarding income tax exemptions for pension fund investments in venture capital funds. Letter No. 104/2026 addressed questions from a supplementary pension fund about the application of tax exemptions for qualified investments.
The agency clarified that the minimum venture capital fund investment requirement applies only to new qualified investments and is calculated based on the previous year’s qualifying investment basket. The minimum investment threshold for tax-free treatment applies exclusively to income from new investments.
Long-term savings plans, known as PIRs, are excluded from venture capital fund calculations. Binding commitments and eligible investments made after 2017 qualify for tax-free treatment, subject to specific conditions.
The guidance comes as pension funds seek clarity on tax treatment of venture capital investments and holding period requirements.
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