Estimate Italian capital gains tax — 26% flat rate for stocks, or 12.5% for government bonds.
Capital gains from most financial instruments (stocks, ETFs, funds) in Italy are taxed at a flat 26%. Gains from Italian and EU government bonds get a reduced 12.5% rate.
Illustrative estimate only, using simplified/rounded 2026 Italian tax figures — not tax advice. Regional and municipal surcharges vary by location. Always confirm with the Agenzia delle Entrate or a commercialista.
Most capital gains on financial assets in Italy — shares, funds, and most securities — are taxed at a flat 26% imposta sostitutiva (substitute tax), applied regardless of income level or how long the asset was held, a simpler flat-rate approach than the tiered systems used in the US or UK. A notable exception favours government debt: gains on Italian government bonds (BTP, BOT, and similar) and certain EU or "white list" foreign government bonds are taxed at a reduced 12.5% rate, a long-standing incentive to hold sovereign debt.
From 2026, a specific higher rate of 33% applies to gains on crypto-assets, a significant increase from the 26% rate that applied to most crypto gains previously, reflecting a broader European regulatory trend toward treating crypto gains more strictly than traditional securities. Losses on financial instruments can generally be offset against gains of the same category within a set carry-forward period, though the rules differ depending on how the investment is held (direct holding versus certain managed investment wrappers).
No — the standard 26% rate covers most shares, funds, and corporate bonds, but Italian and qualifying foreign government bonds get a reduced 12.5% rate, while crypto-asset gains moved to a higher 33% rate from 2026, so the type of asset materially changes the tax owed.
It depends on the account regime — under the "regime amministrato" (administered regime), typically used with an Italian bank or broker, tax is withheld automatically at source. Under the "regime dichiarativo" (declarative regime), the investor must calculate and declare gains on their own tax return instead.
Yes, losses on financial instruments (minusvalenze) can generally be carried forward up to four years to offset future gains of the same category, though the offsetting rules differ by how the loss and gain were realised and which regime applies.
No — gains on real estate follow a separate set of rules entirely, generally exempt if the property was held for more than five years or was the seller's main home, distinct from the financial-asset regime this calculator covers.