The proceeds from trading currency markets, were taxed only if the currencies were kept bought over the 7 working days before selling and if the amount exceeded 51.645,69 Euro (100 millions of Lire) (i-th art.67 D.P.R. 917/86). For this reason, the taxation of such activities in Italy was almost non-existent because they used the same day to close and reopen positions, so as to drop the constraint of 7 days required by law to trigger the taxation.
The circular 102 / E October 2011 Revenue Agency has modified the old standard in force until 2010 (i-th art.67 D.P.R. 917/86), riconducendo i contratti forex tra i rapporti disciplinati dall’articolo 67, comma 1, c-quater of the Income Tax Code. According to this circular incomes, whether you earned by a natural person not subject operator business activities, They are subject to a substitute tax (or a rate of 26% from 1 July 2014, was previously the 20% from 1 January 2013, and even before 12.5%) pursuant to Article 5 Legislative Decree 21 November 1997, n. 461. According to the article 68, comma 8 the Income Tax Code such revenue consist of the result obtained by the sum of the positive or negative differentials and other income or expense, received or incurred, in relation to each of the reports. To the Inland Revenue, Forex profits are then classified as financial gains (in addition to Forex fall into this category all other CFD, i prodotti futures e i forward).