The pandemic has prompted many people to seek savings, putting their money safely into real estate checking accounts. However, leaving money in your checking account is not as safe as it seems.
After the problems the pandemic has wrought on the Italian economy (and the world), many Italians have played on the defensive with their savings, locking them safely into a checking account to be able to save while waiting for better times. Are we sure it is the right choice? not exactly. Meaning that a large amount of immovable money in a checking account is less secure than it appears. The money that remains fixed in the current account is subject to the pressures of management costs and taxes which slowly erode the amount of money on deposit. One of the most problematic taxes to consider when choosing to secure your money is stamp duty.
Stamp duties on checking accounts will be especially problematic with the advent of the new year, which will deal a real blow to all savers. This is because the tax will be forcibly withdrawn from the checking accounts of Banco Posta account holders on an annual basis. Thus, the tax will be paid automatically through a forced withdrawal from those checking accounts with an average annual balance of over €5,000 on postal and bank checking accounts. The amount of the new tax, introduced under the Save Italy decree, will be 34.20 euros for individuals and 100 euros per year for legal entities. With regard to stamp duty on a deposit account, on the other hand, for individuals, the annual amount of tax varies from 1 to 2 per thousand of the amount invested. For legal persons, the limit is 14,000 euros.
Therefore the new tax must be paid by all account holders who have an average current account balance of €5,000 or more. Needless to say, all those with average stock below this number are excluded from the payment. The alternatives to not having to pay tax are different. For example, you might think of Close your checking account and open another one With free stamp duty. It should also be noted that the tax should not be paid if the balance is red, that is, zero. Those who are excluded from bank and postal fees are also entitled to exemption from stamp duty, in the presence of an ISEE with a maximum value of €7,500.
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