What tax rules apply to bonds in Italy?

As part of its authorization as a European Crowdfunding Service Provider, Enerfip can offer investment opportunities in projects carried out by companies based across all countries of the European Union. When the company issuing the securities is domiciled outside France, the taxation of your investment may have certain specificities related to the country concerned. Let’s take a closer look at taxation in Italy.

🔎 Learn more:

• Mastering the taxation of your responsible investments
• What tax rules apply to investments in Spain?
• What tax rules apply to investments in France?
• What tax rules apply to investments in Poland?
• What tax rules apply to investments in Luxembourg?

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What tax applies to my income?

When you invest in a project carried out by a foreign company, your financial income is always taxed in your country of residence, but it may also be subject to withholding tax in the country where the issuing company is based.

Italian tax resident

Your income is automatically subject to a 26% withholding tax. Your final tax liability then depends on your marginal tax rate in Italy.

• If your tax bracket is lower than 26%, you can receive a refund of the excess paid.
• If it is higher (up to 43% for the top bracket), you will have to pay the difference to the Italian tax authorities.

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Non-Italian tax resident

On Enerfip, fundraising campaigns are marked with a flag indicating the country where the project is issued. If you invest in a project carried out by an Italian company, the applicable taxation depends on your tax residence and the steps you take.

French tax resident

If you provide a French tax residency certificate

• In Italy: a 10% withholding tax is applied to your interest on behalf of the Italian tax authorities. This gives you the right to a tax credit recoverable from the French tax authorities through your income tax return.
• In France: your income is subject to the flat tax of 30% (including social contributions), withheld by Enerfip on behalf of the French tax administration.

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➡️ In total, you will be taxed at 30%.

💡 Did you know?

To recover the 10% tax credit, you must complete the base form of your French tax statement (IFU):

• fill in form 2042, and
• enter the amount shown on line 70 of form 2042 in box 8VL of appendix 2042-C.
• Box 8VL – Foreign tax credit: this box receives the amount of the Italian withholding tax, i.e. your recoverable tax credit in France. You will find this amount on line 70 of your 2042 tax form. It corresponds to 10% of your gross interest received from a project carried by an Italian company. Example: if you received €1,000 in gross interest, the Italian 10% withholding is €100. You enter €100 in box 8VL.‍
• Box 8PL – Foreign-source income eligible for a tax credit (new in 2026, for the declaration of 2025 income). This box is a new addition introduced in the 2026 tax filing campaign (for income received in 2025). It receives the gross amount of foreign income that has been subject to a withholding tax (before deduction of the foreign tax). It allows the French tax administration to calculate the theoretical French tax on this income in order to cap the tax credit at the corresponding French tax amount. Using the previous example: you enter €1,000 in box 8PL (the gross Italian interest amount, before the 10% withholding

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If you do not provide a French tax residency certificate

If you do not provide a tax residency certificate, heavier taxation applies.

• In Italy: a 26% withholding tax will be applied to your interest.
• In France: a 30% flat tax will also apply to your income.

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➡️ Total taxation: 56%, or 47.8% after recovering the 8.2% French tax credit.

🔎 Learn more:
Investing in renewable energy through crowdfunding in Italy

What steps are required to avoid double taxation?

To avoid effective double taxation of your interest by the Italian tax system, you must prove that your financial income is already taxed in your country of residence.

The Italian tax authorities therefore require a tax residency certificate, signed by the French tax administration. This certificate is valid for one full year for all financial income received from abroad.

You must provide this document before your first interest payment, and it must be renewed every year as long as you receive financial income from abroad. It allows you to avoid the 26% Italian withholding tax on this income.

Income generated from investment in an Italian project will be taxed at source in France. However, the Italian tax authorities still require a 10% withholding tax to be applied.

This 10% withholding tax entitles you to an equivalent tax credit, recoverable from the French tax authorities through your tax return.

➡️ In this case, your total taxation will be 31.4%, without double taxation.

Spanish tax resident

If you do not provide a tax residency certificate, your income will automatically be subject to a 26% withholding tax applied directly by Enerfip.

If you do provide one, the withholding tax is reduced to 12%. This also entitles you to an equivalent tax credit, recoverable from the Spanish tax authorities when filing your income tax return.

💡 Did you know?

Regarding capital gains taxation, if you do not provide a tax residency certificate, you may be taxed according to the Spanish tax scale, with a rate ranging from 19% to 23% on interest received. You will also not benefit from the reduced withholding tax in Italy (10–15%).

Dutch tax resident

Without a Dutch tax residency certificate, your income will be taxed in Italy with a 26% withholding tax.

However, if you provide one, the withholding tax applied will be reduced to 10%. This allows you to obtain an equivalent tax credit, recoverable from the tax authorities in your country.

How can I obtain my Tax Residency Certificate (TRC)?

If you are tax resident in France, the certificate is pre-filled and downloadable from your Enerfip account. It becomes available in the months preceding your interest payment.

You simply need to send it to the French tax authorities via the secure messaging service in your personal space on impots.gouv.fr.

Once it has been signed by the tax authorities, you just need to upload it to your Enerfip account. We will then forward it to the Italian tax authorities.

You now know everything about taxation on investments in Italy! The only thing left to do is take the step and start investing.

If you’re interested and would like to invest in our projects, visit our project catalogue.

If you need additional information, feel free to contact the Investor Relations team by booking an appointment online, by phone at +33 4 11 93 41 11, or by email at [email protected].

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