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Generic Tax Name Capital tax - Tax on managed savings
Tax name in the national language Imposta sostitutiva sul risparmio gestito
Tax name in English Tax on managed savings
Member State IT-Italy
Tax in force since 1998/01/07
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

D.lgs. n. 461/1997 - D.L. n. 225 of 2010 converted into Law n. 10/2011 - DL n. 351 of 2001 converted into Law n. 410 of 2001 - DL n. 78 of 2010 converted into Law n. 122 of 2010.

Who sets
The tax rate is set by

The tax base is set by

The reliefs are set by



Geographical Scope


All individual taxpayers and all other kinds of taxpayers which are not classified as companies, which have delegated the management of their capital to accredited third parties can opt to apply this tax on the amount which such capital yielded during the year.

Tax object and basis of assessment

The amount yielded includes interest and dividends accruing on invested capital at the end of the year as well as the surplus value accruing on these securities at that time less losses. For the purposes of accrued output management, interests deriving from Italian and foreign Government bonds are computed on 62.5 percent of the relevant amount.

The surplus value and income accruing from financial investments scheme is based on the amount accrued on a yearly basis (this scheme envisages an anticipated payment and is unlike other tax schemes which envisage that taxation is paid only at the time in which the invested capital is sold).


In case of income deriving from shares held into an Undertaking for Collective Investment in Transferable Securities (UCITS), such income is subject to a withholding tax of 20 percent. In case of real estate investment trusts (REIT), with respect to institutional funds (shared by public bodies, UCI, and other), a withhold of 20 percent applies to income derived from shares. In case of real estate investment trusts (REIT) other than institutional funds instead, income received by investors having a share higher than 5 percent enjoys the tax transparency treatment and it is included in the overall revenue of investors themselves.    


Deductions, Allowances, Credits, Exemptions

Rate(s) Structure

26 %

Tax due date

Tax collector

Special features

The tax rate applied is 26 % and is withheld and paid to the State by the accredited third party.

Economic function

Environmental taxes

Tax revenue
ESA95 code d51c1b + d51c2b + d51c3a

Annual tax revenue (millions)
Tax revenue as % of GDP
Tax revenue as % of total tax revenue
2012 1,679.00 EUR 0.10
2011 234.00 EUR 0.01
2010 614.00 EUR 0.04
2009 239.00 EUR 0.01
2008 800.00 EUR 0.05
2007 1,402.00 EUR 0.09
2006 1,672.00 EUR 0.11
2005 738.00 EUR 0.05
2004 418.00 EUR 0.03
2003 294.00 EUR 0.02
2002 270.00 EUR 0.02
2001 497.00 EUR 0.04
2000 7,918.00 EUR 0.64