Today was held Phone Online - Tuttomanovra, an event the Sole24Ore, made on the web, in cooperation with the National Council of Chartered Accountants.
My sister Christine has followed the video- class expert Dr. Mark's Square.
Here is his report:
SAVE ON TAXES
HOW TO CHANGE THE LEVY ON INCOME FINANCIAL
A new feature which will come into force only from 1 January 2012 is the tax reform of financial income. This is not a radical reform in the sense that the tax system is set to the old criteria that are:
- the taxation of income in cash except in the so-called. where taxation is managed assets for maturation;
- the separation of investment income, which are mainly interest and dividends, compared to CD. capital gain, Gains and losses arising from the sale of financial instruments normally.
The real news is that the rates currently are set to 12,50% and 27% are merged into a single rate that is 20%.
There will then be financial instruments that will record an increase of rates and financial instruments that will record a decrease in rates. The expected financial revenues will surely increase, presumably will be more financial instruments where you will pay more taxes.
But what are the financial instruments that pass by 12,50% al 20%?
First of all, all the so-called. gains do not qualify, then the capital gains arising from sale of shares of the sale of bonds and, securities similar to bonds, proceeds of Italian mutual funds and income of foreign trusts, particularly the European harmonized and non harmonized with that of the European Economic Area, but no non-European funds because the revenue from non-European funds continue to be taxed before and after contributing to the total income tax, so they must be indicated in the statement of income and are taxed at the progressive personal income tax rate to arrive at a marginal level of 43%.
Then go to 20% also the proceeds of life insurance policies on financial content.
There is one exception to this general rule and applies to all types of bonds and similar securities, regards the Italian, those of the Italian local authorities, the similar securities of supranational entities recognized in Italy as the Beautiful, the Eurofima, etc.. and titles of foreign states provided that disclose information exchange. So all of these securities will be taxed even the overexposed 12,50%.
What are the financial instruments that descend from 27% al 20%?
Current accounts, bank deposits and postal, certificates of deposits, interest on the bonds of corporate issuers but with maturity of less than 18 months, i cd. atypical securities (hybrid, perpetual, subordinate), and income from foreign real estate funds.
In terms of the investor the most important feature is the lowering of the withholding from 27% al 20% for current accounts, even for those accounts that are time deposits with a term that is bound for a certain period of time, but as they always have the bank account.
Then there are the types of capital income that are not completely affected by the operation, it comes to capital gains and investment income received during the business, eg:
bonds underwritten by a company continue to have interests that contribute to the total of the taxable income, Hence the problem of tax does not exist, also gains are taxed in full in case of sale of bonds.
In addition to entrepreneurs qualifying holdings, those that produce more than 20 + 1% the right to vote or more than 25% of the share capital of the company, in this case the shareholder or shareholder with qualifying holding individual will continue to be taxed in the event of sale of the investment, declaring income and forms part of the total income tax to the extent of the gain 49,72% This amount will be applied and then the rate of progressive 43% maximum marginal rate as.
Let's see the incongruity of the tax system that will start from 1 January 2012:
- Normally in our non-qualified investments have always been taxed at a lower rate of qualifying holdings, because it is assumed that the investor has less ability to pay non-qualified owners of the 20% more of the capital of a company. But now with the new system turns out that the participation is not always a retention of qualified 20% for an individual resident, while participation can have a qualified tax that ranges from total 11,50% al 21.50% because it depends on the person dall'aliquota progressive. So it can happen that if the person has a low income, the qualifying holding is taxed less than the participation is not qualified.
- With regard to capital gains received by non-residents, we note that a non-resident company that sells a participation of an Italian company is not qualified, in cases where the Convention has not, undergoes a tax replaced the 20%. A non-resident company, instead of selling a qualifying holding and the Convention has not, aliquots l'IRES applica 27,50% on 49,72% taxable capital gains tax and then undergoes the IRES 13,67%. So a non-resident company is taxed less if you sell a qualifying holding rather than selling a stake is not qualified with a pretty significant difference even. And even for non-resident individuals, capital gains tax, occurs the same situation that we have for resident individuals.
Regarding the effects for savers, who decide to invest in financial assets rather than investing in real estate or other asset classes, in principle we can say that the whole world ends up with capital gains tax in lieu of 20%, then asset management, assets under administration, real estate mutual funds, even those foreign, insurance policies in financial content. But there is the rule, that if any form of investment, with different rules, but with similar effects, There are investments in financial instruments such as government bonds and similar, the Italian, those of the Italian local authorities, the similar securities of supranational entities recognized in Italy as the Beautiful, the Eurofima, etc.. and the titles of foreign states, the tax has remained at 12,50%.
Commencement
These new provisions come into force from 1 January 2012, the general rule is applicable to capital gains payable from 1 January 2012 and gains or losses realized from 1 January 2012. The concept of due date is a difficult concept to understand because it is the maturation of income but it is time that the income may be materially perceived.
So if I have a coupon bond that expires in March il31 2012, This coupon has all of the new withholding tax regime 20% and not 12,50%, even if part of the coupon matures before 31 December. But fortunately this problem only applies to bonds issued by private companies, so do not even bank bonds and bonds of listed companies, which are the most widespread in the system. For these titles "of the great broadcasters" the criterion of application is that of maturity, so the coupon that matures on 31 March will be taxed until 31 December with the old regime (12,50%) and after 31 December with the new regime (20%).
With regard to capital gains realized and the counts for the sale has realized: – realizable means through which the contract has passed the property then the title does not recognize the collection of the – .
As for the dividend has, instead, the cash that is pure when I cashed the dividend regardless of the resolution of the dividends from the company.
The asset management business is ripe for, then the income accruing to the 31 December will be taxed at 12,50%, while the income accruing after 31 December will be taxed at 20%.
Expect, however, that some ministerial circular is issued to clarify the regime, There are many aspects that remain to be clarified because the rule was written very quickly and then there are problems of internal coordination in the norm.
However, we must keep constantly updated because everything will be played in the last days of the year.
Cristina Gaetani
Graduated in Economics