Tax Treatment of Savings: postal bonds owned by a non-Italian resident

Table of Contents

Postal bonds are exempt from the payment of the substitute tax only if the individual has been resident abroad for the entire duration of the bond.

On 15 February 2021, the Italian Revenue Agency provided clarifications on the exemption regime for interest on saving postal bonds, which is only applicable if the individual remains resident abroad for the entire period in which he was the holder of the bond.

With regard to the interests which have to be applied on saving postal bonds, Articles 2 and 6 of Legislative Decree 239/1996 provides that:

  • A 12,50% substitute income tax has to be applied;
  • An exemption regime is provided where interests are received by individuals who are resident in the so-called White-List States.

However, it is also necessary to consider the legislative provisions of the Interministerial Decree no. 511/1998 which provide that:

  • The exemption regime shall apply only where the continuity of the entitlement is established until the issue of the bond;
  • A double tax regime should not be applied to the saving postal bonds.

Regulatory Framework

Reply n. 109/2021

Reference (Italian only)

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