The 30 January 2013 if E svolta the 22Edition of Telefisco, the conference de “Ask an Expert” organized by Il Sole 24 HOURS.
The work, pm 9:30 all ore 17:30, focused on all the new fiscal 2013.
My sister Christine has followed the video- class expert Dr. Marco Piazza concerning the new tax on savings and investments. Here is his report:
The expert explains the general framework of the new tax burdens on financial assets, titling his report "Poker taxation of savings".
It is precisely the use of the noun "poker" that helps us understand the high number of property taxes especially compared to the past, many of which are applied according to simple mechanisms for which the taxpayer does not even noticing, other hand the application of which requires an explicit decision by the same.
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Can you elaborate on the topics discussed in the article with books purchased on:
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In fact there are four property taxes that could affect the financial savings:
- The stamp duty on ordinary current accounts and financial products ;
- The tax on the value of financial assets abroad (Ivafe), payable solely by the 2012;
- The tax on actuarial reserves, burden on life insurance policies;
- The tax on financial transactions (Itf), Italian version of the Tobin Tax, which will start from March 2013 and will affect the transfer of ownership of certain types of shares and equity instruments, derivative transactions and cd. operations at high frequency.
In substance to be added to property taxes:
- L’Imu, for property in Italy;
- L'Ivie, tax on the value of the properties held by residents abroad in Italy.
Given that the same investment is taxed differently depending on whether it is or is not held through an intermediary resident and according to whether they are located in Italy or abroad, the perspective of the owner of, the most frequent cases of liability to tax capital are respectively:
- The holder of equity interests or equity financial instruments for the purpose of long-term investments (eg, the industrialist and his associates and family);
- Holders of cash investments administered or managed by financial intermediaries Italian or foreign, including the account holder or the holder of deposit accounts;
- The contractor of an insurance policy or Italian foreign;
- The owner of a property abroad.
Turning to the analysis of individual cases, the investment of cash must be distinguished according to whether they are held in administration at banks Sim, Sgr, Italian Post Office or otherwise or other entities Italian managers are held abroad.
In the first case applies the stamp duty ordinary, that for the 2013 will be charged at the rate of 0,15%, with a threshold of 4.500 € only to persons other than individuals, on the market value of financial products in the portfolio at the statement date with Ragguaglio according to the days of holding and shareholding.
Only current accounts and savings banks and post offices are subject to a fixed tax of 34,20 € (100 euro for entities other than individuals) proportionate to the days of duration of the period Accounted; with an exemption if the average balance of the total of the accounts and books held by the taxpayer at the same managing body does not exceed 5 thousands of euros.
In the case in which, instead, the client holds financial assets abroad must be distinguished depending on whether they are administered by trustees or other intermediaries Italian Italian.
In the first situation applies the stamp duty following the same rules described above; in the second case the tax is due on financial assets abroad (Ivafe) the extent of the 0,15% equal in the period and the percentage of ownership of the financial asset, for this purpose must be completed the picture of the model RM Unico PF (the Ivafe only affects people who are residents, while the stamp duty ordinary hits everyone).
As already mentioned there is also a special tax on insurance policies, the cd. Tax on actuarial, which are subject to the insurance companies and non-resident in Italy but with freedom to provide services in Italy, who has assumed the role of substitute tax for the purposes of the substitute tax on interest paid to policyholders resident in Italy in the event of an early redemption. This tax is calculated annually at the rate of 0,5%, is paid by the insurance company that will rival at a later date on the contractor by increasing the prize.
If the contract is entered into with a foreign company the freedom to provide services that has assumed the role of substitute tax, rather than the tax on actuarial reserves , the tax is due on the value of the policy at the 31 December each year.
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Can you elaborate on the topics discussed in the article with books purchased on:
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Worthy of note is certainly the financial transaction tax (Itf), which in its three types of tax imposed on the transfer of property to the extent that ranges from 0,12% to 0,22%, on derivative financial instruments in a fixed amount determined according to the value and type of the transaction and on the high frequency, that is generated by a computer algorithm, the extent of the 0,02%.
Finally, with regard to property taxes, the Stability Law reformulated, for 2013, discipline dell'Ivie, providing for a reduced rate of 0,40% on property used as a principal residence owned by anyone and not just those held by employees of public Abroad.
Is also extended to all the individuals who possess property abroad subject all'Ivie the exemption from taxation of income of the property for income tax. Despite all, Ivie legislation is not yet in line and consistent with the European Treaties, according to the rapporteur, In fact, there are still serious uncertainties in the determination of the tax base dell'Ivie where the criterion is not applicable cadastral especially for properties held in the Non-EU or EEA White List; inconsistencies are also present for holders of a right of usufruct and the time criterion used for the exchange to be applied to the purchase price of the property.
What is clear from the current situation is that the structure of property taxes is, has yet to be proven, certainly in the future you will have to act more on the rates and not on the structure, just because the method for taxing the assets definitely exists!
Cristina Gaetani
Chartered Accountant and Auditor