Hidden wealth: record state takings from stamp duty on financial assets

In recent days, the proposal of a wealth tax on large assets has returned to the centre of the political debate, with the hypothesis of an annual levy on assets exceeding two million euro, with a rate of 1.3 per cent. Introducing a new wealth tax, perhaps progressive and targeted at the highest assets, may be a legitimate political choice, but it should be remembered that the Italian tax system already provides for a wealth tax on financial assets.

The often underestimated vignette tax is a direct levy on securities assets and represents an element of tax fairness, even if its rate (0.2%) is modest compared to the proposed values. Every year, those who hold a securities file pay a tax proportional to the value of their investments, which is calculated on the reported value of the securities held in relation to the reported period. In other words, on the value that appears on the statement at the end of the period, usually end of quarter or end of year. But how much does the state collect each year from this mini-asset?

From an analysis of the data published on the website of the Finance Department of the Mef, it is possible to ascertain the revenue flowing into the Treasury on a monthly basis. Among indirect taxes, the stamp duty item is destined to reach a new record this year: already in the first nine months of 2025 the revenue produced by the stamp duty on financial assets is more than 9 billion euro, mostly coming from the proportional stamp duty of 0.2% on the value of securities dossiers and the fixed stamp duty of 34.2 euro that is levied annually on current accounts and passbooks. Other types of stamp duty on periodic communications, account statements and other financial intermediation activities are also included on a residual basis.

A figure that is already higher than the 8.8 billion collected by the IRS through the stamps paid by Italians in 2024, which represented the previous record. Last year's exploit (an increase of 2 billion, +29.9% compared to 2023) was due to higher payments, paid in virtual mode by the Post Office, banks and Sims. This particularly favourable dynamic can be attributed to the significant increase (+20%) in the value of securities and time deposits subject to the 0.2% stamp duty.

The further closing with a bang expected at the end of 2025, on the other hand, derives from the provisions introduced with last year's Manoeuvre. In particular, Article 1, paragraphs 87 and 88, amended the system of payment of stamp duty on Branch III and IV insurance products, establishing that the tax is to be paid annually and not, as was previously the case, only at the time of redemption or redemption of the insured positions. Furthermore, it was stipulated that the stamp duty due for previous years (annually accumulated stamp duty) would be paid in four years at different percentages (50% in 2025, 20% in 2026 and 2027, and 10% in 2028). The revenue from the mini-tax on financial assets is thus also set to grow in the coming years.