Taxes in Europe Database v2
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
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.
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 .
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;
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.
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.