With Law no. 78 of 16 May 2017, published in the Italian official Gazette dated 9 June 2017, Italy ratified the double taxation agreement with Romania. Once the new agreement enters into force, it will replace the 1977 version. Pursuant to section 29 of the agreement it will enter into force upon receipt of the last of the two notifications with which the two countries notify each other the end of the respective ratification procedures through diplomatic channels. Its provisions shall apply: (a) with reference to withholding taxes, to any sums as of the 1 January following the date on which the agreement enters into force; (b) with reference to other income taxes, to taxes for fiscal years as of the 1 January following the date on which the agreement enters into force.