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Archive » March 2026 » Tax Incentives for Smes Going Public: Public Costs and Gains

Tax Incentives for Smes Going Public: Public Costs and Gains

Giancarlo Giudici, Lorenzo Carletta
March 2026 - n. 3
Keywords: Credito d’imposta, Pmi, Ipo, quotazione, incentivo
Jel codes: H25, G18, H32, L26, G32

This article examines the fiscal sustainability of the tax credit introduced in Italy in 2018 to encourage Smes to go public. The analysis focuses on the balance between the public cost of the incentive and the additional tax revenue generated following their Ipo. Using two models applied to a sample of 160 Smes listed between 2018 and 2023, the study estimates the net impact on government tax revenue. The results indicate an overall positive fiscal balance, even under conservative scenarios, although this outcome is highly concentrated among a small number of highgrowth firms, revealing an asymmetric distribution of fiscal benefits.

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