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Italian Financial Transactions Tax

Italian Financial Transactions Tax (IFTT) applies to transactions in certain Italian shares and related instruments from 1 March 2013, and in due course it will also apply to derivatives. The tax rates depend on type of instrument, whether the transaction is on or off exchange and client type. Certain types of entity are exempt from Italian Financial Transactions Tax, and below is an interpretative summary of the exemption categories.  If you consider your entity to be exempt, please complete the “Application for Exemption” form accessed in the link below and return this as soon as possible to your Client Manager. 

  • The European Union- A European institution
  • The European Atomic Energy Community
  • A body covered by the Protocol on the Privileges and Immunities of the European Union (
  • The European Central Bank
  • The European Investment Bank
  • A central bank of a Member State of the European Union
  • A central bank or organisation managing the official reserves of States outside the European Union
  • A body or international organisation established in accordance with international agreements enforced in Italy, as listed in a specific regulation of the Italian tax authorities i.e. (Refer to Application for Exemption form)
  • A pension fund subject to supervision under Directive 2003/41/EU, established in a Member State of the European Union, Norway or Iceland- A compulsory social security institution, established in a Member State of the European Union, Norway and Iceland
  • A person or entity participated in solely by the pension funds subject to supervision under Directive 2003/41/EU (, established in a Member State of the European Union, Norway or Iceland
  • A supplementary pension scheme referred to in Legislative Decree No 252 of 5 December 2005 (mainly foreign schemes recognised for Italian purposes: 


Please note that even if you are exempt, you should still review the terms of exemption declarations as these may contain clauses around indemnifications and notifications.  As clients make the election based on their individual tax situation, if necessary, please discuss your election and tax status with your professional advisers.  Note that Investec Asset Management is unable to give tax advice to clients.

Download IFFT exemption application form