Market Taxation Guide - Italy
This Market Taxation Guide (Italy) provides the following details:
- Reference information about all taxes applied at source, through Clearstream1 and its local depositories, to securities deposited in Clearstream; and
- Instructions for obtaining relief at source or a refund of withholding tax, where these are available, through Clearstream.
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 clients 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 securities | Holding restriction? | Withholding tax rate | Relief at source | Quick refund | Standard refund |
No | 12.5% / 26%a | ||||
Residents of a White List country | Yes | No | Yes | ||
Central banks or other entities that manage state reserves | Yes | No | Yes | ||
Supranational organisations recognised by Italian law | Yes | No | Yes | ||
Italian resident corporations | Yes | No | No | ||
| Equities | Holding restriction? | Withholding tax rate | Relief at source | Quick refund | Standard refund |
No | 0% / 26% a | ||||
Residents of a Double Taxation Treaty (DTT) country | Yes | Yes | Yes | ||
EU/EEA pension funds | Yes | Yes | Yes | ||
EU/EEA entities subject to corporate tax | Yes | Yes | Yes | ||
EU/EEA collective investment vehicles (CIV) | Yes | Yes | No | ||
Supranational organisations recognised by Italian law | Yes | Yes | Yes | ||
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 on securities held in Clearstream. Stamp duty may however be payable on specific transactions. Clearstream does not assist in this regard. Please consult your tax advisor for further information.
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1. Clearstream refers collectively to Clearstream Banking S.A. and Clearstream Europe AG (for Clearstream Europe AG clients using Creation accounts).