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The case decisions of the Tax Court of Verona (n.423/2023) and the Tax Court of Siena (n.68/2024) open the door to submitting reimbursement requests to the Tax Office for all dividends and coupons to investors who have suffered double taxation of dividends or interest: first taxed abroad through withholding taxes and subsequently taxed in Italy through withholding taxes and/or substitute taxes.
«The request for a refund to the Tax Office – explains Riccardo Di Stefano, partner at KPMG Private Italy – In our experience, the Tax Office will tacitly refuse, but this is the starting point to be able to start the next stage of proceedings in the Tax Court. Only after the refusal, and in any case after the expiration of the useful period in which the Tax Office can provide a response (after 90 days, the lack of a response represents a silent refusal), it is possible to start an appeal to the capital gains tax, in order to be able to obtain the due compensation recognized and acknowledged, which, considering the consolidation of the jurisprudence orientation, should end with the participation of the Merits Court “.
Each application can refer to the maximum period relating to the past four years. “After filing the first request to legalize the request for reimbursement of dividends and / or coupons – continues Di Stefano – it will be possible to continue with the request for reimbursement with reference to each year. The essential element to legalize the request for tax refund is the clarity of the taxes paid abroad, that is, clear evidence that the foreign withholding taxes have actually been paid, such as a statement from a foreign bank certifying the withholding taxes or a document issued by a foreign tax authority certifying that the taxes have been paid”. Finding this document may represent the most delicate stage in the process.
Taxpayers under the declaration system (even if they hold foreign shares directly) and taxpayers under the managed savings system who have securities deposit accounts with Italian intermediaries can apply for a refund. “In order to prevent the tax authorities from subsequently requesting more information, it is also appropriate from a procedural point of view to reconstruct the declared income data and the indication of the income element for which a refund is requested”, added Di Stefano.
Regarding requests for reimbursement from foreign tax authorities, they can be made whenever there is a valid anti-double taxation agreement between Italy and the country of origin of the dividends (100 agreements already exist) and they have been agreed. The local withholding tax imposed by the foreign government is higher than the rate provided for in the agreement itself.
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