taly, which is located along the Mediterranean Sea in Southern Europe, became a nation-state in 1861 when the regional states of the peninsula (along with Sardinia and Sicily, the two largest islands in the Mediterranean Sea) were united under the Kingdom of Italy. After the Second World War, in 1946, a popular referendum abolished the monarchy and proclaimed Italy a parliamentary republic.

Italy is composed of 20 administrative regions, with Rome as the capital. It has a population of about 60 million, and its territory covers about 301,000 square kilometres. The official language of Italy is Italian, and the currency is the euro (EUR).

Italy has a diversified economy, which is divided into a developed industrial north, featuring many private companies, and a less-developed south. The economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of which are family owned. Due to its archaeological and artistic heritage, tourism is one of the most important sectors.

Italy is a founding member of the European Economic Community (EEC) and North Atlantic Treaty Organization (NATO). It is also a member state of the United Nations (UN), World Trade Organization (WTO), and Organisation for Economic Co-operation and Development (OECD).

Quick rates and dates

Corporate income tax (CIT) rates
Headline CIT rate (%)	24

Corporate income tax (CIT) due dates
CIT return due date	By the end of the 10th month after the tax year-end.
CIT final payment due date	The last day of the sixth month following the tax year-end.
CIT estimated payment due dates	Advance payment: 1) 40% by the last day of the sixth month following the tax year-end, 2) 60% by the end of the 11th month following the tax year-end.

Personal income tax (PIT) rates
Headline PIT rate (%)	43

Personal income tax (PIT) due dates
PIT return due date	30 September or 30 November, depending on filing status.
PIT final payment due date	30 June of the following year.
PIT estimated payment due dates	30 June and 30 November of the current year.

Value-added tax (VAT) rates
Standard VAT rate (%)	22

Withholding tax (WHT) rates
WHT rates (%) (Dividends/Interest/Royalties)	Resident: 0 / 0 or 26 / 0;Non-resident: 26 / 26 / 30.

Capital gains tax (CGT) rates
Headline corporate capital gains tax rate (%)	Capital gains are subject to the normal CIT rate. For financial investments, the PEX regime at 95% exemption may be applied, provided that the conditions set by the law are met.
Headline individual capital gains tax rate (%)	Capital gains are subject to separate taxation at 26% (normal PIT rate applies in certain instances).

Net wealth/worth tax rates
Headline net wealth/worth tax rate (%)	Wealth tax on real estate properties owned outside of Italy (IVIE): 0.76%;Wealth tax on investments owned outside of Italy (IVAFE): 0.2%.

Inheritance and gift tax rates
Headline inheritance tax rate (%)	8
Headline gift tax rate (%)	8

NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the ‘Last reviewed’ date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law