This article analyses the provisions introduced by article 1(96) to (99) of Italian Law No. 197 of 29 December 2022 (Budget Law 2023) relating to the tax treatment of capital gains realized by non-residents from an indirect sale of immovable property located in Italy. The article takes into consideration initial interpretations provided by the Italian doctrine since the provisions were enacted, as well as by Assonime (the Italian Association of Joint Stock Companies) in Circular No. 23 of 1 August 2023. Moreover, the article provides some critical observations on the most controversial aspects of the provisions.