Tobin tax 2027: Italy plans to raise its share purchase tax again

What the Tobin tax is. It is a financial transaction tax. Italy introduced it in 2013. It is named after the economist James Tobin, who proposed in the 1970s to tax capital movements. Today in Italy it mainly hits purchases of shares and similar instruments of companies with a registered office in Italy, wherever the trade takes place.

Who pays. The tax is charged on the purchase. According to Il Fatto Quotidiano, it does not apply to shares of companies with a market value under 500 million euros, to ETFs, or to securities of Italian companies with a registered office abroad. So what counts is the company that issued the shares, not the exchange. The sources do not explain how the tax reaches a foreign buyer, so ask your broker.

What the bill changes. On 28 October 2026 the Council of Ministers approved the 2027 budget bill. Parliament now takes it up and must approve the budget by the end of the year. Under the bill, the rate on purchases on regulated markets and multilateral trading facilities, for companies worth 500 million euros or more, rises from 0.20% to 0.40%. For high-frequency trading it rises from 0.04% to 0.06%. For off-market deals, Il Fatto Quotidiano and Il Sole 24 Ore report a rise from 0.4% to 0.6%, while Milano Finanza says 0.4% to 0.8%. We do not know which figure is right.

What happened in 2026. Law 199 of 30 December 2025 doubled the rates from 1 January 2026. On regulated markets they went from 0.10% to 0.20%, off the market from 0.20% to 0.40%, and for high-frequency trading from 0.02% to 0.04%.

The money. The 2026 estimate was that the doubling would bring in 337.3 million euros more a year. In the first eight months of 2026 the tax raised 917 million euros, up 94.3% on a year earlier. From this, Il Fatto Quotidiano and Il Sole 24 Ore conclude that the feared flight from the market did not happen. That is their conclusion, not ours. For the 2027 rise, Milano Finanza reports the government wants to raise about 500 million euros.

The criticism. Stefano Firpo, director general of Assonime, called the rise "surreal" and said it puts Italy out of the game. AMF Italia, an association of financial intermediaries, asks to lift the exemption threshold from 500 million to 1 billion euros. AssoNEXT, which speaks for small and mid-sized listed companies, asks parliament to find a balance. Milano Finanza calculates that the 0.40% rate means the tax quadruples in two years.

What we don't know. The final rate: parliament can change the bill. The exact off-market rate. Whether funds and ETFs are affected: Il Fatto Quotidiano says ETFs are not taxed. When exactly in 2027 the new rates start.

已确认的事实

• On 28 October 2026 Italy's Council of Ministers approved the 2027 budget bill. Parliament now takes it up and must approve the budget by the end of the year.^[3]
• Under the bill, the tax rate on share purchases on regulated markets rises from 0.2% to 0.4%.^[1][2][3]
• The rate for high-frequency trading rises from 0.04% to 0.06%.^[1][2]
• For off-market purchases, Il Fatto Quotidiano and Il Sole 24 Ore report a rise from 0.4% to 0.6%, Milano Finanza from 0.4% to 0.8%.^[1][2][3]
• The tax covers purchases of shares and similar instruments of companies with a registered office in Italy, wherever the trade takes place. It was introduced in 2013.^[1]
• The tax does not apply to shares of companies worth under 500 million euros, to ETFs, or to securities of Italian companies with a registered office abroad.^[1]
• Law 199 of 30 December 2025 doubled the tax rates from 1 January 2026.^[4]
• The 2026 doubling raised the rates from 0.10% to 0.20%, from 0.20% to 0.40%, and from 0.02% to 0.04% for high-frequency trading.^[2]
• The 2026 estimate was 337.3 million euros more a year.^[2]
• In the first eight months of 2026 the tax raised 917 million euros, up 94.3% on a year earlier.^[1][2]
• For the 2027 rise, the government wants to raise about 500 million euros, according to Milano Finanza.^[3]
• Assonime director general Stefano Firpo called the rise "surreal". AMF Italia asks to lift the exemption threshold from 500 million to 1 billion euros. AssoNEXT asks parliament to find a balance.^[1]
• Milano Finanza calculates that a 0.4% rate means the tax quadruples on regulated markets in two years.^[3]
• The 2027 budget asks the financial sector as a whole for 5 billion euros.^[2][3]

影响

• 已确认The bill is not law yet: parliament can change the rates.
• 已确认The tax depends on the company that issued the shares, not on the exchange where you buy.
• 我们的解读At 0.40% the tax on a 10,000 euro purchase is 40 euros, against 20 euros at 0.20%. This is our own arithmetic.
• 我们的解读Revenue rose in 2026, but that does not tell us how the new rise will affect trading. This is our remark.

仍未知

• The final rate: parliament has not passed the budget
• The off-market rate: 0.6% or 0.8%, sources differ
• Whether funds and ETFs are affected: Il Fatto Quotidiano says ETFs are not taxed
• The date in 2027 when the new rates start
• How brokers in different countries pass the tax on to foreign buyers

影响到谁

Worldwide. People in any country who buy shares of Italian companies

来源

1. Il Fatto Quotidiano: Tobin tax raddoppiata ancora: il mondo finanziario insorge 2026年10月30日 · 媒体
2. Il Sole 24 Ore: Taxation: the budget focuses on a further increase in the Tobin tax on share purchases 2026年10月27日 · 媒体
3. Milano Finanza: Manovra 2027 spiegata punto per punto: le novità e chi paga l'ultima legge di bilancio del governo Meloni 2026年10月29日 · 媒体
4. MySolution: Tobin tax 2026: raddoppio delle aliquote e nuovo quadro applicativo dopo la Legge di Bilancio 2026 2026年1月15日 · 媒体