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Generic Tax Name Capital tax - Financial transaction tax
Tax name in the national language Imposta sulle transazioni finanziarie
Tax name in English Financial transaction tax
Member State IT-Italy
Tax in force since 2013/01/01
If abolished, date on which the tax ceases to apply
Business version date 2015/01/01
Version date 2015/02/17
This file was last updated on

Type of tax
Direct taxes Personal income tax
Corporate income tax

Indirect taxes VAT
Excise duty (EU harmonised)
Alcoholic beverages
Energy products and electricity
Manufactured tobacco

Social security contribution Employers
Legal base

Law n. 228 of 2012 (art. 1, par. 491 - 500) as amended by art. 56 of DL n. 69 of 2013;

Ministerial Decree 21.02.2013 as amened by Ministerial Decree 16.09.2013 and Director of the Agency measures revenue 1.03.2013, 29.03.2013, 18.07.2013 and 27.12.2013

Who sets
The tax rate is set by

The tax base is set by

The reliefs are set by


Geographical Scope

According to the kind of transaction, the taxpayer is:

A) the ultimate transferee (interposed persons such as brokers are not affected by the tax);

B) each of parties involved in the transaction;

C) this issue has to be definied by a Ministeriali Decree.

Tax object and basis of assessment

Tax object:

A) transfer of shares and participating financial instruments issued by Italian resident companies and whose average market capitalization in the month of November of the preceding year of sale exceeds € 500 million, other instruments (ADR, GDR);

B) Derivatives, whether cash or physically settled, securitised or not, whose underlying is shares or value of Italian shares, including options, warrants, covered warrants, certificates (physical transfer of taxable underlying is also taxed separately);

C) High Frequency Trading when transactions occurred in the Italian financial market relating to the same types of securities mentioned before regardless of the place of residence of the issuer"

Basis of assessment:

A) Value of the transaction that should be equal to the net daily balance of transaction of the same security by the same person;

B) Value of contract;

C) Counter - value of orders amended or cancelled in the one day exceeding in the threshold .

Deductions, Allowances, Credits, Exemptions
  • transfer of the ownership of financial instruments or change in the ownership contracts taking place by inheritance or gift;
  • transactions of issue and cancellation of financial instruments;
  • transfer of the ownership of financial instruments in connection with securities financing transactions as a result of a lending or borrowing or a repurchase or reverse repurchase transaction, or a "buy - selle back" or "sell - buy back" transaction;
  • transfer of ownership of shares issued by companies companies whose average market capitalization in the month of November of the year previous to that in which the transfer of the ownership takes place is less than 500 million euro;
  • transaction entered into by a financial intermediary interposed between two parties acting as a counterparty to both sides;
  • transactions entered into by systems interposing in the purchase or in the transactions for the purposes of clearing and collateral;
  • transactions with the EU, bodies covered by the Protocol of the privileges and immunities of the European Union or the ECB and the EIB, central banks of EU member States or institutions established by international agreements executed by Italy;
  • transactions executed by and between companies where one of them can exercise the control as defined under article 2359, par. 1, n. 1 and 2 par. 2 of the Italian civil code or which are controlled by the same company;
  • transfer of ownership and transactions in unites of collective investment undertakings referred to in Article 1, par. 1, letter m) of TUF, classed as “ethical” or “socially responsible” pursuant to article 117-ter of TUF;
  • the subscription of contracts for the provision of portfolio management services referred to in article 1, par. 5, letter d) of TUF, classed as “ethical” or “socially responsible” pursuant article 117-ter of TUF;
  • transactions effected during market making activities as defined in art. 2, par. 1., lett. k) of Regulation EC n. 236/2012;
  • transaction effected in the course of liquidity assistance activities within the framework of accepted market practices, approved by the financial market authority under directive 2003/6/EC and under directive 2004/72/EC”;
  • pensions funds subject to supervision under directive 2003/41/EC and compulsory social security institutions
Rate(s) Structure

A) 0.1% on transfers transacted on regulated markets and in multilateral trading facilities (0.12% in 2013); 0.2% otherwise - OTC transactions (0.22% in 2013);

B) fixed amount depending on transaction (the applicable rate is reduced to 1/5 of the amount with respect to transactions executed in regulated markets and in multilateral facilities;

C) 0.02%

Tax due date

A) on transactions executed on or after 1 March 2013;

B) on transactions executed on or after 1 September 2013;

The tax has to be paid by the 16 day of the following month of the execution of the taxable transaction.

Tax collector

The payment of the tax as well as the relevant formalities are made by the financial intermediary involved in the transaction. Absent the financial intermediary, payment and formalities should be made by the purchaser.

Special features
Economic function

Environmental taxes

Tax revenue
ESA95 code D2

Annual tax revenue (millions)
Tax revenue as % of GDP
Tax revenue as % of total tax revenue
2012 0.00 EUR 0.00