The subject matter governing this case is quite complex and there are significant differences depending on: type of investor; country of residence; nature of investment; regime adopted.

The following article aims to simplify the topic, making it as understandable as possible for investors with Italian tax residence.

In the case of shares in Italian companies held by individuals under the declarative regime, the capital losses emerging upon final liquidation of the investee company would be fully equal to those that would be obtained in the event of realization of the investment, a principle enunciated several times by the Internal Revenue Service in the past.

For this reason, by the provisions of Art. 68, paragraph 5 TUIR, the above capital losses would algebraically reduce the amount of capital gains realized in the same tax period on investments of the same nature (at the limit with carryover of the excess in the next four tax periods, provided they are duly reported in the declaration).

Therefore, to directly answer the question, "Can capital losses derived from an operation that closes with liquidation of the company at a loss be carried as an offset?" the answer is:

In any case, we recommend that you consult your tax advisor for detailed information about the applicability of these provisions to your specific tax situation.