Market Taxation Guide - Italy

22.12.2017

This Market Taxation Guide (Italy) provides the following details:

  • Reference information about all taxes applied at source, through Clearstream Banking and its local depositories, to securities deposited in Clearstream Banking; and
  • Instructions for obtaining relief at source or a refund of withholding tax, where these are available, through Clearstream Banking.

New and improved tax information and procedures that become available will be included on an ongoing basis.

Important note:

This Market Taxation Guide (including any attachments and other links) is for informational purposes only and is not intended and should not be considered to be legal advice on any subject matter. Readers of this Market Taxation Guide, whether customers or otherwise, should not act or refrain from acting on the basis of any information included in this Market Taxation Guide without seeking appropriate legal or other professional advice.

Withholding tax

Debt securitiesHolding restriction?Withholding tax rateRelief at
source
Quick
refund
Standard
refund
No12.5% / 26%a
Residents of a White List countryYesNoYes
Central banks or other entities that manage state reservesYesNoYes
Supranational organisations recognised by Italian lawYesNoYes
Italian resident corporationsYesNoNo
EquitiesHolding restriction?Withholding tax rateRelief at
source
Quick
refund
Standard
refund
No0% / 26% a
Residents of a Double Taxation Treaty (DTT) countryYesYesYes
EU/EEA pension fundsYesYesYes
EU/EEA entities subject to corporate taxYesYesYes
Supranational organisations recognised by Italian lawYesYesYes

a. The 26% tax rate became applicable on 1 July 2014. Between 1 January 2012 and 30 June 2014 the applicable rate on corporate bonds was 20%.

Stamp Duty

There is no stamp duty withheld through Clearstream Banking on securities held in Clearstream Banking. Stamp duty may however be payable on specific transactions. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.

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1. A holding of shares and/or warrants of a listed company is a “qualified participation” if the beneficial owner has owned more than 2% of the voting rights or more than 5% of the capital of the company and has sold more than 2% of the voting rights or more than 5% of the capital of the company in any 12-month period thereafter.