The Italian Revenue Agency has published Ruling No. 345 of 26 August 2019 concerning the eligibility of a real estate investment trust (REIT) established in Singapore for the withholding tax exemption on income derived through a participation in an Italian REIT. Under Italian domestic law, such income derived by foreign undertakings for collective investment (UCITS) is generally exempt if resident in a white list country, although REITs do not generally qualify. However, the ruling provides …