{"id":2404,"date":"2026-01-08T15:44:02","date_gmt":"2026-01-08T14:44:02","guid":{"rendered":"https:\/\/www.gruppoaq.com\/pex-dividends-2026-new-5-and-500000-euro-thresholds\/"},"modified":"2026-01-08T15:44:02","modified_gmt":"2026-01-08T14:44:02","slug":"pex-dividends-2026-new-5-and-500000-euro-thresholds","status":"publish","type":"post","link":"https:\/\/www.gruppoaq.com\/en\/pex-dividends-2026-new-5-and-500000-euro-thresholds\/","title":{"rendered":"PEX Dividends 2026: new 5% and 500,000 euro thresholds"},"content":{"rendered":"\n<strong>TL;DR:<\/strong>\n\n\n\n<ul class=\"wp-block-list\">\n<li>More selective PEX: <strong>5%<\/strong> or <strong>500,000 euros<\/strong> required<\/li>\n\n\n\n<li>Rule applies to resolutions from <strong>January 1, 2026<\/strong><\/li>\n\n\n\n<li>Attention to participation chains and demultiplication<\/li>\n\n\n\n<li>Impact also on <strong>1.20%<\/strong> withholding tax towards EU\/EEA<\/li>\n\n\n\n<li>Checklist before distributing profits or selling holdings<\/li>\n<\/ul>\n\n\n<style>.wp-block-kadence-spacer.kt-block-spacer-2282_da32ab-b2 .kt-block-spacer{height:80px;}.wp-block-kadence-spacer.kt-block-spacer-2282_da32ab-b2 .kt-divider{border-top-width:1px;height:1px;border-top-color:#eee;width:80%;border-top-style:solid;}<\/style>\n<div class=\"wp-block-kadence-spacer aligncenter kt-block-spacer-2282_da32ab-b2\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><hr class=\"kt-divider\" \/><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"cosa-cambia-davvero-dal-1-gennaio-2026\">What really changes from January 1, 2026?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">From 2026, the Budget Law intervenes on the tax treatment of dividends when the recipients are entrepreneurs, companies or resident entities. The operational point is not how much dividend is distributed, but from which participation it comes: <strong>access to the PEX exclusion is narrowed to participations considered significant according to new size criteria<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is a change in logic that impacts above all mid-sized holdings. Previously, many corporate structures reasoned by qualitative requirements (holding period, residence, etc.). Now the size of the participation becomes a preliminary filter that can cut out small but strategic packages.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"quali-sono-le-nuove-soglie-e-come-si-applicano\">What are the new thresholds and how do they apply?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The new rule is alternative: it is enough to respect one of the two requirements.<\/p>\n\n\n\n<li>Participation not lower than <strong>5%<\/strong>, also held indirectly through controlled companies<\/li>\n<li>Partecipazione non inferiore al <strong>5%<\/strong>, anche detenuta indirettamente tramite societ\u00e0 controllate<\/li>\n\n\n<li>Or tax value of the participation not lower than <strong>500,000 euros<\/strong><\/li>\n<li>Oppure valore fiscale della partecipazione non inferiore a <strong>500.000 euro<\/strong><\/li>\n<!-- \/wp:post-content --><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p>This double track changes priorities: it is not necessarily necessary to rely on 5% if the participation has an important tax value, and vice-versa. Two companies collect 200,000 euros in dividends. If the first has 6%, it falls within the percentage. If the second has 3% but a tax value of 700,000 euros, it falls within the value. <strong>The same dividend generates different outcomes<\/strong>.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"come-si-calcola-il-5-nelle-strutture-di-gruppo\">How is 5% calculated in group structures?<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The rule also considers participations held indirectly within the same group, taking into account any demultiplication produced by the control chain. Translated: having a holding above is not enough. <strong>The chain needs to be reconstructed and the actual percentage verified<\/strong>, because in some setups there is a risk of falling below the threshold without noticing it.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In presenza di sub-holding, veicoli e partecipazioni incrociate, il 5% economico percepito dal management pu\u00f2 non coincidere con il 5% fiscale determinato secondo la catena partecipativa. Per chi gestisce strutture complesse, questa verifica diventa parte della routine di planning trimestrale.<\/p>\n<p>In the presence of sub-holdings, vehicles and cross-shareholdings, the 5% economic interest perceived by management may not coincide with the 5% tax interest determined according to the participation chain. For those managing complex structures, this verification becomes part of the quarterly planning routine.<\/p>\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"che-impatto-ha-sulle-delibere-di-distribuzione-utili\">Che impatto ha sulle delibere di distribuzione utili?<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<h2 class=\"wp-block-heading\" id=\"che-impatto-ha-sulle-delibere-di-distribuzione-utili\">What impact does it have on profit distribution resolutions?<\/h2>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The rule applies to distributions resolved starting from <strong>January 1, 2026<\/strong>. This means that <strong>the date of the resolution can become more important than the date of accrual of profits<\/strong>, especially for groups that historically resolve dividends at the turn of the year.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"cosa-succede-se-la-partecipazione-e-sotto-soglia\">Cosa succede se la partecipazione \u00e8 sotto soglia?<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The relevant moment for considering an investment as made is that of its <strong>delivery or shipment<\/strong>, or for goods made internally, the moment they are ready and available for use. This tight timeframe forces companies to carefully plan their purchases and documentation.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Se l&#8217;obiettivo \u00e8 dismettere, la soglia incide anche sul disegno dell&#8217;operazione: potrebbe servire un conferimento prima della cessione o una riorganizzazione della catena per rispettare i nuovi requisiti.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\" id=\"caso-pratico-holding-con-partecipazioni-minoritarie\">Practical case: holding with minority participations<\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Italian holding with three participations: A at 6% with a tax value of 120,000 euros, B at 3% with a tax value of 650,000 euros, C at 2% with a tax value of 90,000 euros. In 2026 A falls within the percentage, B falls within the value, C stays out. <strong>For the same dividend, C can generate a much higher taxation compared to the other two<\/strong>.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The consequence is not doing engineering: it is choosing consciously whether to keep, increase, contribute or dismantle, and above all when to resolve. For CFOs managing multiple participations, this numerical scenario becomes an operational reference.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:kadence\/spacer {\"spacerHeight\":80,\"uniqueID\":\"2282_96e914-27\"} -->\n<div class=\"wp-block-kadence-spacer aligncenter kt-block-spacer-2282_96e914-27\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><hr class=\"kt-divider\" \/><\/div><\/div>\n<!-- \/wp:kadence\/spacer -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"pianificare-i-dividendi-2026-verifica-con-gruppo-aq\">Planning 2026 dividends: verification with Gruppo AQ<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If your holding has 10+ participations, you manage indirect chains or are planning exits, a formal verification of the PEX perimeter before the resolution is required. <strong>Calculation errors today risk costing tens of thousands in incremental taxation and cash tax<\/strong>.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Gruppo AQ offers:<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list -->\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li><strong>Audit of the PEX perimeter<\/strong> (full chain + demultiplication)<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><strong>Tax impact simulation<\/strong> (dividends vs capital gains vs EU\/EEA withholding)<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><strong>Pre-resolution checklist<\/strong> (documentary governance + calendar)<\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p>Contact Gruppo AQ for a specialized verification: we will support the structuring together with your tax advisor.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:kadence\/spacer {\"spacerHeight\":80,\"uniqueID\":\"2282_711edf-8f\"} -->\n<div class=\"wp-block-kadence-spacer aligncenter kt-block-spacer-2282_711edf-8f\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><hr class=\"kt-divider\" \/><\/div><\/div>\n<!-- \/wp:kadence\/spacer -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\" id=\"in-breve\">In short<\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:list -->\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li>New thresholds: 5% or 500,000 euros<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>Key date: resolutions from January 1, 2026<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>Attention to indirect participations and demultiplication<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>Impact also on 1.20% withholding tax towards EU\/EEA<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>A checklist is needed before dividends and exits<\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\" id=\"articoli-correlati\">Related articles<\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:list -->\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li><a href=\"https:\/\/www.gruppoaq.com\/rottamazione-quinquies-2026-guida-completa-e-scadenze\/\">Rottamazione quinquies 2026: complete guide and deadlines<\/a><\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><a href=\"https:\/\/www.gruppoaq.com\/divieto-compensazioni-f24-2026-soglia-scende-a-50-000-euro\/\">Ban on F24 offsets 2026: threshold drops to 50,000 euros<\/a><\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><a href=\"https:\/\/www.gruppoaq.com\/iper-ammortamento-2026-fino-al-180-per-industria-4-0\/\">Hyper-depreciation 2026: up to 180% for Industry 4.0<\/a><\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><a href=\"https:\/\/www.gruppoaq.com\/buoni-pasto-elettronici-2026-soglia-esente-sale-a-10-euro\/\">Electronic meal vouchers 2026: exempt threshold rises to 10 euros<\/a><\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\" id=\"lo-sapevi-che\">Lo sapevi che<\/h3>\n<h3 class=\"wp-block-heading\" id=\"lo-sapevi-che\">Did you know that<\/h3>\n\n<!-- wp:list -->\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li>Una partecipazione sotto 5% pu\u00f2 rientrare se supera 500.000 euro di valore fiscale<\/li>\n<li>A holding below 5% can qualify if it exceeds 500,000 euros in tax value<\/li>\n\n<!-- wp:list-item -->\n<li>La data della delibera pu\u00f2 contare pi\u00f9 dell&#8217;anno di maturazione utili<\/li>\n<li>The date of the resolution can matter more than the year of profit maturity<\/li>\n\n<!-- wp:list-item -->\n<li>La demoltiplicazione pu\u00f2 ridurre molto la percentuale effettiva nel gruppo<\/li>\n<li>The demultiplication can significantly reduce the actual percentage in the group<\/li>\n\n<!-- wp:list-item -->\n<li>Dividendi e plusvalenze vengono trattati con logica pi\u00f9 coerente dal 2026<\/li>\n<li>Dividends and capital gains are treated with a more consistent logic from 2026<\/li>\n\n<!-- wp:list-item -->\n<li>Size verifications also impact EU\/EEA flows<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>An incomplete dossier can transform a tax issue into a treasury problem<\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:kadence\/spacer {\"spacerHeight\":80,\"uniqueID\":\"2282_422f2d-6c\"} -->\n<div class=\"wp-block-kadence-spacer aligncenter kt-block-spacer-2282_422f2d-6c\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><hr class=\"kt-divider\" \/><\/div><\/div>\n<!-- \/wp:kadence\/spacer -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\" id=\"faq\">FAQ<\/h3>\n<!-- \/wp:heading -->\n\n&lt;!&#8211; wp:wpseopress\/faq-block {&quot;faqs&quot;:[{&quot;question&quot;:&quot;<strong>Is the 5% threshold also calculated with indirect shareholdings?<\/strong>&#8220;,&#8221;answer&#8221;:&#8221;Yes. The rule provides that the participation is evaluated also indirectly through controlled companies. If you hold 30% of a holding that has 20% of a target, the indirect percentage is 6%, sufficient to fall within the requirement. The entire chain must be traced, applying demultiplication if there are multiple levels.&#8221;,&#8221;image&#8221;:&#8221;&#8221;},{&#8220;question&#8221;:&#8221;<strong>Does the tax value or market value threshold apply?<\/strong>&#8220;,&#8221;answer&#8221;:&#8221;The tax value applies, i.e., the value determined according to the rules for evaluating participations for IRES purposes (usually carrying value in the balance sheet or adjusted acquisition value). Market value does not count for the 500,000 euro threshold, and this can make a difference in real estate valuations.&#8221;,&#8221;image&#8221;:&#8221;&#8221;},{&#8220;question&#8221;:&#8221;<strong>Does the rule apply to 2025 profits distributed in 2026?<\/strong>&#8220;,&#8221;answer&#8221;:&#8221;No. The rule applies to distributions resolved starting from January 1, 2026 onwards. If you resolve 2025 profits in 2026, the new discipline applies. If you resolve 2025 profits by December 31, 2025, the previous rules apply. The date of the resolution is the key element.&#8221;,&#8221;image&#8221;:&#8221;&#8221;},{&#8220;question&#8221;:&#8221;<strong>What changes for EU\/EEA foreign companies collecting dividends from Italy?<\/strong>&#8220;,&#8221;answer&#8221;:&#8221;The requirements to benefit from the reduced 1.20% withholding tax change. If the participation does not reach 5% or 500,000 euros, the withholding tax may be applied at a different rate according to treaties or EU legislation, with an impact on the operational management of remittances.&#8221;,&#8221;image&#8221;:&#8221;&#8221;},{&#8220;question&#8221;:&#8221;<strong>Do capital gains on target disposal follow the same logic of thresholds?<\/strong>&#8220;,&#8221;answer&#8221;:&#8221;Yes. Capital gains on participations that do not reach 5% or 500,000 euros in tax value do not fall within the exclusion regime and can be taxed with different logics, influencing exit planning calculations.&#8221;,&#8221;image&#8221;:&#8221;&#8221;},{&#8220;question&#8221;:&#8221;<strong>How are cases with multiple controlled companies in the chain managed?<\/strong>&#8220;,&#8221;answer&#8221;:&#8221;It is necessary to trace the complete chain of participations, considering both the direct percentage and that deriving from indirect chains. If the final percentage calculated with demultiplication falls below 5%, it should be evaluated if the total tax value still reaches 500,000 euros.&#8221;,&#8221;image&#8221;:&#8221;&#8221;}],&#8221;listStyle&#8221;:&#8221;ol&#8221;,&#8221;titleWrapper&#8221;:&#8221;div&#8221;} \/&#8211;&gt;\n\n<!-- wp:kadence\/spacer {\"spacerHeight\":80,\"uniqueID\":\"2282_a4b22c-c2\"} -->\n<div class=\"wp-block-kadence-spacer aligncenter kt-block-spacer-2282_a4b22c-c2\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><hr class=\"kt-divider\" \/><\/div><\/div>\n<!-- \/wp:kadence\/spacer -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4 class=\"wp-block-heading\" id=\"fonti\">Sources<\/h4>\n<!-- \/wp:heading -->\n\n<!-- wp:list {\"fontSize\":\"small\"} -->\n<ul class=\"wp-block-list has-small-font-size\"><!-- wp:list-item -->\n<li><a href=\"https:\/\/www.gazzettaufficiale.it\/eli\/id\/2025\/12\/30\/25G00212\/SG\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Law December 30, 2025, n. 199 (2026 Budget) &#8211; Paragraphs 51-55<\/a><\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><a href=\"https:\/\/www.osservatorio-finpa.it\/wp-content\/uploads\/2026\/01\/legge-30-dicembre-2025-n.-199-bilancio-per-il-2026.pdf\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Technical report &#8211; PEX dividend discipline and new 5% \/ 500,000 euro thresholds<\/a><\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list -->\n","protected":false},"excerpt":{"rendered":"<p>From 2026, the PEX regime on dividends and capital gains narrows: a significant participation is required (5% or 500,000 euro tax value). Attention to control chains, resolutions and EU\/EEA withholdings.<\/p>\n","protected":false},"author":1,"featured_media":2283,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"yes","_gspb_post_css":"","_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-senza-categoria"],"acf":[],"taxonomy_info":{"category":[{"value":1,"label":"Senza categoria"}]},"featured_image_src_large":["https:\/\/www.gruppoaq.com\/wp-content\/uploads\/2026\/01\/Gruppo-AQ-PEX-dividendi-2026-nuove-soglie-1024x768.jpg",1024,768,true],"author_info":{"display_name":"adminer","author_link":"#"},"comment_info":0,"category_info":[{"term_id":1,"name":"Senza categoria","slug":"senza-categoria","term_group":0,"term_taxonomy_id":1,"taxonomy":"category","description":"","parent":0,"count":61,"filter":"raw","term_order":"0","cat_ID":1,"category_count":61,"category_description":"","cat_name":"Senza categoria","category_nicename":"senza-categoria","category_parent":0}],"tag_info":false,"_links":{"self":[{"href":"https:\/\/www.gruppoaq.com\/en\/wp-json\/wp\/v2\/posts\/2404","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gruppoaq.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gruppoaq.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gruppoaq.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gruppoaq.com\/en\/wp-json\/wp\/v2\/comments?post=2404"}],"version-history":[{"count":0,"href":"https:\/\/www.gruppoaq.com\/en\/wp-json\/wp\/v2\/posts\/2404\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gruppoaq.com\/en\/wp-json\/wp\/v2\/media\/2283"}],"wp:attachment":[{"href":"https:\/\/www.gruppoaq.com\/en\/wp-json\/wp\/v2\/media?parent=2404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gruppoaq.com\/en\/wp-json\/wp\/v2\/categories?post=2404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gruppoaq.com\/en\/wp-json\/wp\/v2\/tags?post=2404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}