The rule of conduct AIDC January 2025 No. 227 deals with the recovery of taxes paid abroad on dividends even if the same are taxed in Italy in the hands of individuals with a withholding or substitute tax of 26%.
The analysis is based on the ruling of the Supreme Court of Cassation No. 25698 of 1.9.2022, according to which an individual resident in Italy may deduct, pursuant to Article 165 of the TUIR, the taxes paid in the United States from the 26% substitute tax paid following the receipt abroad of a dividend on an unqualified participation.