Open Case:

Recovery of Italian Dividend Withholding Tax

TAX RECOVERY THROUGH NEGOTIATION OR LEGAL ACTION.

Company / Case:

Italian Dividend Withholding Tax

Relevant period:

Dividends received within the last 48 months (and earlier years where a claim is already pending)

Security Identifiers:

All securities issued by Italian-resident companies (ISINs beginning with IT)

Italy applies a substantial withholding tax on dividends paid to foreign investors. When an Italian company distributes a dividend abroad, it withholds 26% at source before the investor is paid.

For many foreign investors, however, that is not the rate the Italian/EU law actually requires. Under the double tax treaties, under EU law, and under the principle of the free movement of capital, the applicable rate may be materially lower, in some cases zero.

In practice, this reduced or nil rate is frequently not applied when the dividend is paid, and the full 26% is withheld. As a result, non-resident investors may have borne Italian tax above the amount actually due, often across several years of distributions.

The Legal Position

The right to a refund is grounded in EU law: the free movement of capital, and it has been repeatedly confirmed by the Italian Supreme Court (Corte di Cassazione) and the Court of Justice of the European Union.

Our Proposal

Martingale Risk assists non-resident investors who have paid undue tax on dividends received from Italian companies in recovering the withholding tax unduly withheld.

We manage the matter from start to finish: we prepare and file the refund claim with the Italian Revenue Agency (Agenzia delle Entrate) and, where the claim is refused or left unanswered, our lawyers pursue it through litigation.

The engagement begins with a free, non-binding preliminary analysis, through which we assess eligibility and estimate the amount recoverable across the open years. We operate on a full contingent fee basis of the recovered amount, with no anticipated costs, fees or expenses for the client.

For a free, non-binding preliminary analysis, please contact Ellen Grönholm, Legal Counsel, at gronholm@martingalerisk.com.

Click here for the excel file with the list of titles

Company Name	ISIN Code
Enel SpA	IT0003128367
Intesa Sanpaolo SpA	IT0000072618
UniCredit SpA	IT0005239360
ENI SpA	IT0003132476
Assicurazioni Generali SpA	IT0000062072
Poste Italiane SpA	IT0003796171
Snam Rete Gas SpA	IT0003153415
Banco BPM SpA	IT0005218380
Mediobanca SpA	IT0000062957
Terna Rete Elettrica Nazionale	IT0003242622
Tenaris SA	LU2598331598
Banca Mediolanum SpA	IT0004776628
Unipol Gruppo Finanziario SpA	IT0004810054
BPER Banca SPA	IT0000066123
Infrastrutture Wireless Italia	IT0005090300
FinecoBank Banca Fineco SpA	IT0000072170
Banca Monte dei Paschi di Siena SpA	IT0005508921
A2A SpA	IT0001233417
Italgas SpA	IT0005211237
Moncler SpA	IT0004965148
Azimut Holding SpA	IT0003261697
Recordati SpA	IT0003828271
Banca Generali SpA	IT0001031084
Hera SpA	IT0001250932
Pirelli & C SpA	IT0005278236
Telecom Italia SpA	IT0005712671
Prysmian SpA	IT0004176001
Iren SpA	IT0003027817
Credito Emiliano SpA	IT0003121677
Leonardo SpA	IT0003856405
ACEA SpA	IT0001207098
ERG SpA	IT0001157020
MFE-MediaForEurope NV	NL0015001OJ9
De' Longhi SpA	IT0003115950
BFF Bank SpA	IT0005244402
Enav SpA	IT0005176406
Banca IFIS SpA	IT0003188064
Buzzi Unicem SpA	IT0001347308
ANIM IM Equity	IT0004998065
Anima Holding SpA	IT0004998065
Brembo SpA	NL0015001KT6
Saipem SpA	IT0005495657
Nexi SpA	IT0005366767
Italmobiliare SpA	IT0005253205
RAI Way SpA	IT0005054967
Maire Tecnimont SpA	IT0004931058
Technogym SpA	IT0005162406
Webuild SpA	IT0003865570
Davide Campari-Milano SpA	NL0015435975

Company Name	ISIN Code
Amplifon SpA	IT0004056880
DiaSorin SpA	IT0003492391
Piaggio & C SpA	IT0003073266
Caltagirone SpA	IT0003127930
Brunello Cucinelli SpA	IT0004764699
Zignago Vetro SpA	IT0004171440
Autostrade Meridionali SpA	IT0000084043
Ariston Holding NV	NL0015000N33
Iveco Group NV	NL0015000LU4
Cementir Holding SpA	NL0013995087
Lottomatica Group Spa	IT0005541336
Sogefi SpA	IT0000076536
Reply SpA	IT0005282865
Banco di Desio e della Brianza	IT0001041000
d'Amico International Shipping	LU2592315662
Interpump Group SpA	IT0001078911
RCS MediaGroup SpA	IT0004931496
SOL SpA	IT0001206769
MARR SpA	IT0003428445
Alerion Cleanpower SpA	IT0004720733
Ascopiave SpA	IT0004093263
Salvatore Ferragamo SpA	IT0004712375
Arnoldo Mondadori Editore SpA	IT0001469383
Cairo Communication SpA	IT0004329733
Sanlorenzo SpA/Ameglia	IT0003549422
Cembre SpA	IT0001128047
doValue SpA	IT0005610958
Tinexta Spa	IT0005037210
CIR IM Equity	IT0000070786
Comer Industries SpA	IT0005246191
Ferretti SpA	IT0005383291
Tamburi Investment Partners Sp	IT0003153621
Industrie De Nora SpA	IT0005186371
Immobiliare Grande Distribuzio	IT0005322612
Danieli & C Officine Meccanich	IT0000076502
Esprinet SpA	IT0003850929
Carel Industries SpA	IT0005331019
El.En. SpA	IT0005453250
Equita Group SpA	IT0005312027
Acsm - Agam SpA	IT0001382024
GPI SpA	IT0005221517
Sesa SpA	IT0004729759
BF SpA	IT0005187460
OVS SpA	IT0005043507
Intercos SpA	IT0005455875
Datalogic SpA	IT0004053440
Italian Sea Group SPA/The	IT0005439085
SBE-Varvit-SpA	IT0005568461
Biesse SpA	IT0003097257
Banca Profilo SpA	IT0005704439

Company Name	ISIN Code
LU-VE SpA	IT0005107492
Emak SpA	IT0001237053
Orsero SpA	IT0005138703
Powersoft SpA	IT0005353815
Pharmanutra SpA	IT0005274094
Wiit SpA	IT0005440893
BasicNet SpA	IT0001033700
Società Aeroporto Toscano Gali	IT0000214293
Gruppo MutuiOnline SpA	IT0004195308
B&C Speakers SpA	IT0001268561
Generalfinance SpA	IT0005144784
FNM SpA	IT0000060886
Aeroporto Guglielmo Marconi Di	IT0001006128
Franchi Umberto Marmi SpA	IT0005335754
Fiera Milano SpA	IT0003365613
Sabaf SpA	IT0001042610
Gefran SpA	IT0003203947
Eurogroup Laminations SpA	IT0005527616
Growens SpA	IT0005040354
Gas Plus	IT0004098510
Indel B SpA	IT0005245508
Aquafil SpA	IT0005241192
Elica SpA	IT0003404214
Sicily By Car SpA	IT0005556581
Valsoia SpA	IT0001018362
Piquadro SpA	IT0004240443
Italian Wine Brands SpA	IT0005075764
FOPE SpA	IT0005203424
Caltagirone Editore SpA	IT0001472171
Ediliziacrobatica SpA	IT0005351504
Avio SpA	IT0005119810
Vincenzo Zucchi SpA	IT0005395071
Fine Foods & Pharmaceuticals N	IT0005215329
Rosetti Marino Spa	IT0001017851
Banca Sistema SpA	IT0003173629
Iniziative Bresciane - Inbre -	IT0005037905
IEG IM Equity	IT0003411417
Enervit SpA	IT0004356751
Racing Force SpA	IT0005466963
Misitano & Stracuzzi SpA	IT0005603078
First Capital SpA	IT0005252736
Ilpra Industria Lavorazione Pr	IT0005359101
TXT e-solutions SpA	IT0001454435
Irce SpA	IT0001077780
Revo Insurance SpA	IT0005513202
ICOP SpA	IT0001214433
Masi Agricola SpA	IT0004125677
Cofle SpA	IT0005465619
RAT IM Equity	IT0004724107
Intred SpA	IT0005337818

Company Name	ISIN Code
Omer SpA	IT0005453748
Digital Bros SpA	IT0001469995
Cellularline SpA	IT0005244618
Borgosesia SpA	IT0003217335
Notorious Pictures SpA	IT0005025355
Allcore SpA	IT0005461303
Industria e Innovazione SpA	IT0005339160
Industrie Chimiche Forestali S	IT0005416281
Neodecortech Spa	IT0005275778
Azienda Bresciana Petroli Noci	IT0005439861
LFG IM Equity	IT0004973696
SYS-DAT SpA	IT0005595423
Esautomotion SpA	IT0005337107
Marzocchi Pompe SpA	IT0004376858
Svas Biosana SpA	IT0005469264
Distribuzione Elettrica Adriat	IT0005600249
Renovalo SpA	IT0005500571
Poligrafici Printing SpA	IT0004587470
reti SpA	IT0005418204
Technical Publications Service	IT0005246142
Recupero Etico Sostenibile SpA	IT0005543613
Erredue SpA	IT0005521247
Bastogi SpA	IT0004412497
Arterra Bioscience SpA	IT0005386369
Mare Engineering Group SpA	IT0005588626
Planetel SPA	IT0005430951
Saccheria FLli Franceschetti -	IT0005521551
Vantea Smart Spa	IT0005433765
Espe SPA	IT0005573818
Lucisano Media Group SpA	IT0004522162
Simone SpA	IT0005573123
Digitouch SpA	IT0005089476
Unidata SpA	IT0005573065
Premia Finance SPA Societa' DI	IT0005442154
Ecomembrane SPA	IT0005543332
Confinvest Oro S.p.A	IT0005379604
Websolute SpA	IT0005384901
Valtecne SPA	IT0005532525
Convergenze Spa Societa Benefi	IT0005426215
Smart Capital SPA	IT0005621070
GM Leather SpA	IT0005498610
ID-Entity SA	CH1118852594
FCT IM Equity	IT0005599938
Porto Aviation Group SpA	IT0005545238
Servizi Italia SpA	IT0003814537