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Generic Tax Name Capital tax - Wealth tax on financial assets held abroad
Tax name in the national language Imposta sul valore delle attività finanziarie detenute all estero
Tax name in English Wealth tax on financial assets held abroad
Member State IT-Italy
Tax in force since 2012/01/01
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
Other

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

Social security contribution Employers
Employees
Other
 
Legal base

D.L. n. 201 of 2011 (art. 19) converted into law n. 214 of 2011, D.L. n. 16 of 2012 converted into Law n. 44 of 2012, L. n. 228 of 2012 (art. 1, par. 518 - 519), Act of general Director of Revenue of 5 June 2012.

 
Who sets
The tax rate is set by




The tax base is set by




The reliefs are set by




Comments
 
Beneficiary





Comments
 
Geographical Scope
 
Taxpayers

Individual resident for tax purpose in Italy.

 
Tax object and basis of assessment

Object:

Financial assets held abroad;

Basis of assessment:

Assets fair market value at the end of each year in the place the assets are held. In absence of this, the assets nominal value or reimbursement one. IVAFE is due in proportion to the ownership quota and the possession period.

 
Deductions, Allowances, Credits, Exemptions

Credits: Taxpayer may credit against IVAFE the amount of wealth tax paid in the country where the finacial assets are held.

 
Rate(s) Structure

0.1% for the year 2012;

0.15% starting from the year 2013

IVAFE is levied on a lump sum basis (34.20 euro) on bank and savings accounts.

 
Tax due date

Same date as personal income tax.

 
Tax collector
 
Special features
 
Economic function







Comments
 
Environmental taxes



Comments
 
Tax revenue
ESA95 code d51ad

Year
Annual tax revenue (millions)
Currency
Tax revenue as % of GDP
Tax revenue as % of total tax revenue
2012 13.00 EUR 0.00

Comments