The surprises arrive at the bank. Crushed by the increased popularity of the liberalization decree and labor reform, the provision on tax simplifications approved on Friday by the Council of Ministers has not raised major controversies. Yet it contains at least one very important novelty for savers: the mini-asset fund launched just two months ago with the save-Italy decree is being weighed down. Basically, the proportional stamp duty of one per thousand is also extended to bank and postal deposit accounts and certificates of deposit, which instead were exempt from payment in the first decree of the Monti era.
The so-called "patrimonial” introduced in December affects virtually all financial products (investment funds, life insurance policies, government bonds, various bonds) with an annual levy of one per thousand starting from 2012. A value which will be calculated pro rata to your investment and, where possible, on market value, rather than nominal or redemption value. The minimum stamp duty to be paid is 34,20 euros and, only for 2012, there is also a maximum tax limit of 1.200 euros. The rate will pass to 1,5 per thousand in 2013. Only healthcare funds, pension funds and interest-bearing postal savings bonds with a reimbursement value of less than 5 thousand euros are excluded.
This provision had raised controversy due to its alleged lack of fairness: many were arguing that deposit accounts and certificates should also be included in the large family of investment instruments affected by mini-assets. An asymmetry resolved with last week's decree.
As for enforcement, they will probably be thereand banks to choose whether to apply the new taxation to existing accounts or only to those opened since the entry into force of the new rules. Most institutions will probably choose this second route, unless they prefer to bear the entire burden of the stamp duty to make themselves look good in the eyes of their customers. Or at least the wealthier ones.
