In this note, the authors analyse the new provision on capital gains taxation in respect of participations in resident and non-resident “land-rich” companies realized by non-resident entities, as contained in the Italian Budget Law for 2023 (introduced in response to a wave of new OECD rules on cross-border capital gains). The introduction of the new rule from 1 January 2023 will be particularly significant once the MLI enters into force within the Italian tax treaty network.