ATECO Codes — Financial service activities, except insurance and pension funding
Division 64 covers fundraising and fund distribution activities other than insurance and pension funds: banks and other monetary institutions, holding companies, financial leasing, factoring and investment fund management. Almost all these activities are reserved for regulated entities or carried out in corporate form, so this is a division where corporate taxation (IRES and IRAP) matters far more than individual VAT number taxation. The most widespread code outside the banking world is 64.20, used by holding companies that manage equity stakes.
- ATECO 2025 codes
- 13
- Flat-rate eligible
- 13 of 13
- Profitability coefficient
- 78%
- Prevalent INPS scheme
- Gestione Separata
64.11.00Central bankingFlat-rate78%64.19.10Other monetary intermediation provided by monetary institutions other than the central bankFlat-rate78%64.19.20Other monetary intermediation provided by electronic money institutionsFlat-rate78%64.19.30Other monetary intermediation provided by Cassa Depositi e Prestiti (CDP)Flat-rate78%64.21.00Activities of holding companiesFlat-rate78%64.22.00Activities of financial conduitsFlat-rate78%64.31.00Activities of money market and non-money market investment fundsFlat-rate78%64.32.00Activities of trusts, estates and agency accountsFlat-rate78%64.91.00Financial leasingFlat-rate78%64.92.10Factoring activitiesFlat-rate78%64.92.91Other credit granting activities provided by collective guarantee consortiaFlat-rate78%64.92.99Other miscellaneous credit granting activities n.e.c.Flat-rate78%64.99.00Other financial service activities, except insurance and pension funding, n.e.c.Flat-rate78%
Frequently asked questions
Can a holding company with ATECO code 64.20 operate under the flat-rate regime?
No. The flat-rate regime is reserved for individual persons with a sole-trader VAT number, while a holding is a company (usually an SRL) and is taxed under IRES and IRAP. The 78% profitability coefficient sometimes associated with codes 64–65–66 is only relevant for someone carrying out an equivalent professional activity as an individual, not for the holding company itself. To estimate the tax on self-employed work falling within this group you can calculate the taxes.
How are dividends received by a holding company (code 64.20) from its subsidiaries taxed?
Up to 2025, dividends received by a holding are 95% exempt from tax, so effective taxation is around 1.2% (24% IRES applied to the 5% taxable portion). This is the main reason for interposing a holding between the operating companies and the individual shareholders, who would otherwise face a 26% rate on direct distributions. However, the 2026 Budget Law has restricted this benefit: the 95% exemption now fully applies only to qualifying interests above certain thresholds, so the figures should be recalculated on a case-by-case basis.
When does it really make sense to set up a family holding company with code 64.20?
A holding becomes attractive when there are significant profits to channel to shareholders — generally above €80,000 per year — because the saving on dividend taxation outweighs the set-up and running costs from the very first year. It also works well for generational succession, because it concentrates the family's equity interests in a single vehicle and allows shares to be transferred to children under preferential regimes. Below those amounts, or with just one operating company, the advantage often does not justify the added accounting complexity.