By Gabriele Denaro · 6 October 2026
Tax and pension rules change often. Figures on this page were last checked on 6 October 2026 against the official sources below.
Since 1 July 2014 the standard substitute tax on financial income in Italy is 26%. It applies to interest, dividends and capital gains from most securities, with exceptions such as qualified shareholdings. If you sell an investment for €2,000 more than it cost, the tax is €520 and you keep €1,480.
Italian government securities, and equivalent ones such as bonds issued by white-list foreign states or by international organizations, are taxed at a reduced 12.5%. According to the Treasury, the same bonds are not subject to inheritance tax. On a €1,000 coupon the tax is €125, leaving €875.
With an Italian bank or broker under the "administered" regime, the intermediary calculates and withholds the tax for you, and you generally do not declare those gains yourself. With a foreign broker, or if you choose the declarative regime, you may have to calculate and declare income and gains in your tax return. If you use a foreign platform, speak to an accountant before your first sale.
Separate from taxes on gains, there is a stamp duty (imposta di bollo) on bank accounts and on the financial products shown in your periodic statements. On current accounts, individuals pay a flat €34.20 a year, not due when the average balance does not exceed €5,000. On financial products the duty is proportional to their value and the rate has been changed by law over the years, so this guide does not quote one: your bank applies it automatically, and the amount actually charged is on your statement.
The tax on pension funds and on the TFR works differently: see the guides on those topics. Cryptoassets are taxed under rules that have been changed several times in recent years, so check the current ones with the Revenue Agency or an accountant instead of relying on a figure you read online, including here.
Unrealized gains are not taxed until you sell, so the investment balance you enter in Patrimony is before the tax you would owe if you sold. It does not change how the figure is recorded, but it is a reminder that net worth and what you could withdraw after tax are different numbers.
General educational information, not personal financial, tax or legal advice. It may be incomplete or out of date. Terms of use.