In response no. 184/2025, the Italian Revenue Agency clarified a crucial point for those who invest in innovative start-ups and SMEs through OICR funds: the tax deduction is not automatic upon subscription of the shares, but starts from the tax period in which the fund meets the minimum requirement of 70% of qualified investments.

In an article in Il Sole 24 Ore, Domenico Ponticelli explains the reasons for this interpretation and analyzes the operational impact for investors.