In March, the Italian Ministry of the Economy and Finance implemented a tax on equity transactions, although it has postponed collection of the first payments until October. The levy was poised to expand to derivatives and high-frequency trades on July 1, but lawmakers are delaying that tax until Sept. 1, according to Ernst & Young. "Both of these postponements are welcome given the uncertainty there has been in recent months on the detailed operation of the rules," Ernst & Young said. "It will hopefully give the Italian tax authorities time to issue detailed guidance on some of the more difficult issues before the point at which the tax enters into force."

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