Italy Forex Tax Calculator 2026

Forex CFD trading profits in Italy are classified as redditi diversi (miscellaneous income) under Article 67 of the TUIR (Testo Unico delle Imposte sui Redditi, D.P.R. 917/1986) and subject to a flat 26% imposta sostitutivaon realised capital gains. This is one of the simplest tax regimes in the EU — no tiers, no bands, no progressive rates.

The 26% rate has been in effect since July 2014 (increased from 20% by D.L. 66/2014). It applies uniformly to all financial instrument gains, including forex, stocks, bonds, and ETFs. The rate is separate from IRPEF (Italy’s progressive income tax on earned income, which ranges from 23% to 43%).

Italy’s dual-regime system is unique in the EU. Under regime amministrato, an Italian-authorised intermediary (bank or broker) calculates and withholds the 26% tax on each trade automatically. The trader has no filing obligation for those trades, no Quadro RW requirement, and no IVAFE exposure. This is the simplest option but is only available with Italian-licensed intermediaries.

Under regime dichiarativo, the trader self-reports all gains and losses on the annual Modello Redditi PF (Quadro RT for gains, Quadro RW for monitoring and IVAFE). This regime is requiredwhen using foreign brokers — which includes most EU-passported brokers (Exness, Pepperstone, BlackBull, IG, XTB, etc.). The additional burden includes filing Quadro RW (no minimum threshold) and paying IVAFE (0.2% annually on the average value of foreign accounts).

IVAFE (Imposta sul Valore delle Attività Finanziarie detenute all’Estero) is a 0.2% annual wealth tax on financial assets held abroad. Introduced by D.L. 201/2011 (Monti’s “Salva Italia” decree), it mirrors the domestic IVAFE applied to Italian financial instruments.

The tax base is the average valueof the foreign financial assets during the year (or the year-end value if the average cannot be determined). For a trader with EUR 50,000 average account value, IVAFE costs EUR 100/year. At EUR 200,000, it rises to EUR 400/year. While small relative to trading gains, IVAFE is payable regardless of whether the trader made a profit — it applies to the account balance, not the gains.

IVAFE is unique among major EU countries. Germany, France, Spain, and Portugal do not levy an equivalent tax on foreign brokerage accounts. This makes regime amministrato (Italian-licensed broker) structurally cheaper for large accounts, even if spreads or commissions are slightly higher.

Italy allows full offset of capital losses against capital gains of the same category (redditi diversi) within the same tax year, with no annual cap. This is a significant advantage over Germany, where derivative losses are capped at EUR 20,000 per year.

Unused losses carry forward for four years. Under regime amministrato, loss carryforward is handled automatically by the intermediary. Under regime dichiarativo, the trader must track and declare carried-forward losses manually on the Modello Redditi PF.

Italian residents must declare all financial assets held abroad on the Quadro RW section of the Modello Redditi PF, with no minimum threshold. This includes trading accounts with EU brokers headquartered outside Italy. Unlike Spain’s Modelo 720 (which has a EUR 50,000 threshold per category), Italy requires declaration of every foreign account regardless of size.

Failure to file Quadro RW carries penalties of 3–6% of the undeclared asset value per year, plus potential criminal sanctions for undeclared amounts exceeding EUR 15,000. Under CRS (Common Reporting Standard), all EU-regulated brokers report account balances and income to the Agenzia delle Entrate via the broker’s home jurisdiction, so non-compliance is increasingly likely to be detected.

Under regime dichiarativo, forex gains are reported on the Modello Redditi PF (Persone Fisiche). Capital gains go in Quadro RT (redditi diversi di natura finanziaria). Foreign accounts are declared in Quadro RW for both monitoring and IVAFE computation. The filing deadline is typically 30 November of the year following the tax year.

Under regime amministrato, the Italian intermediary handles everything. The trader receives an annual statement showing taxes withheld and may need to include this information in their overall tax return if they have other income, but no separate Quadro RT or Quadro RW filing is required for those specific trades.

This calculator applies to Italian tax residents filing Modello Redditi PF. It does not model addizionale regionale or comunale IRPEF (which apply to earned income, not imposta sostitutiva gains). The IVAFE calculation uses a simple average — your actual IVAFE may differ if account balances fluctuated significantly during the year. Non-residents are taxed only on Italian-source income. Italy’s AIRE register and the 183-day presence test determine residency. Consult a commercialista for personalised advice.