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The saving capacity of Italian families amounts to 5 thousand billion. A propensity that remains the highest in the European Union, but which is penalized, when this wealth is invested, by higher taxation compared to other European countries. It was the president of the ABI who insisted on this age-old problem, Antonio Patuellion the occasion of the 100th Savings Day. In particular, the latter focused on the taxation of investments in shares, which weighs not only on returns but on the activities of companies.
On current accounts 2 per thousand stamp duty and 26% on returns
«Savings invested in company shares are subject to taxation of well over half of the gross income produced, adding the “dry coupon” of 26% on the net income, already burdened by the IRES of 24% and by the regional and municipal surtaxes, by Approximately 4.5% of IRAP, IMU and stamp duty”, he said. Patuelli had already focused on the topic the previous week, on the occasion of the seminar organized for journalists in Florence. On that occasion he had defined the stamp duty as a “property tax which is unconstitutional” and had specified that the tax burden on investments in bank securities is higher than those on the securities of other companies: in the first case it is among the 59-60 percent, compared to the average 55 percent. The president of the ABI also hoped for a reduction in taxation for long-term savings investments, in particular for those aimed at the real economy, and an increase for speculative ones. At the moment the executive has not adopted any measures regarding the revision of the taxation of savings in the context of the fiscal delegation.
Patuelli: «Savings are too taxed and go abroad». Mattarella: «It is a value for the future of the country»
Bitcoin tax rate moving from 26 to 42 percent
However, the government has attempted a first step by increasing the taxation on returns from investments in Bitcoinbringing it from 26 to 42 percent. The measure was introduced in the law on the maneuver but has already created a split in the government, with the League reportedly ready to propose amendments to eliminate this differentiation. Most of the funds saved by families are not invested: the Acri-Ipsos survey published in recent days highlights that 63% of those who save prefer to keep the money in the current account, which is still burdened by the 26% tax on (meager) returns and stamp duty. If we start from the sum of 5 thousand billion and scale up the 63 percent that is not invested, there remain 2,350 billion which in any case are put into income and on which the State earns at least that 26% on returns. If we assume an average return of 5 percent, that’s 30 billion in revenue. If it were possible to increase the share of capital invested in initiatives that contribute to the country’s economic growth, there would be room to reduce taxation and still have an increase in revenue.
Life insurance policies: the stamp duty is now paid every year and not at the end
In the financial law, however, there is another rule which tightens the conditions for those who invest, in particular on branch III and branch V life policies, instruments which are more investment than insurance. The measure is part of the initiatives agreed between the government and the insurance world to provide liquidity to the state coffers (in total around 6 billion expected between 2025 and 2027 from banks and insurance companies). The provision for the insurance sector affects the stamp duty, which Patuelli defined as “unconstitutional” because it is not proportional to the investment. The rule also involves customers (with retroactive effect) who have taken out third and fifth branch life insurance policies. They will be required to pay the stamp duty on financial communications annually (calculated as 2 per thousand of the premium paid) instead of paying it in a lump sum upon expiry of the contract. The companies play the role of withholding agent but, in this case, they will have to operate as a collection agency since they will have to request payment of the tax every year. The expected proceeds from this operation are an increase in revenue for the State of 970 million in 2025, 397 million in 2026, 385 million in 2027 and 184 million in 2028. All for a value of 1.8 billion. The technical report specifies that «the rule also provides for the payment of the stamp duty due in past years (stamp duty set aside annually) and not yet paid in 4 years with different percentages (50% in 2025, 20% for each of the years 2026 and 2027 and 10% for 2028). Furthermore, it is provided that the amount corresponding to the stamp duty paid annually by the insurance company is calculated as a reduction of the benefit paid upon expiry or redemption of the policy”.
