Savings, from stamp duty to yields here is how it is taxed in Italy and the new squeeze in the manoeuvre

The savings capacity of Italian households amounts to 5 trillion lire. A propensity that remains the highest in the European Union, but which is penalised, when this wealth is invested, by higher taxation than in other European countries. To insist on this age-old problem was the president of Abi, Antonio Patuelli, on the occasion of the 100th savings day. In particular, the latter dwelt on the taxation of investments in shares, which not only burdens returns but also the activity of companies.

"Savings invested in company shares are taxed at well over half of the gross income produced, with the 26% 'coupon secca' added to net income, which is already burdened by 24% Ires and regional and municipal surtaxes, about 4.5% Irap, Imu and stamp duty," he said. Patuelli had already dwelt on the subject the previous week at a seminar organised for journalists in Florence. On that occasion he had defined the stamp duty as a 'patrimonial asset that is unconstitutional' and had specified that the taxation on investments in bank securities is higher than on those in securities of other companies: in the former case it is between 59-60 per cent, against the average 55 per cent. The ABI president also called for a reduction in taxation for long-term savings investments, particularly those directed towards the real economy, and an increase for speculative investments. At the moment, the executive has not taken any steps to revise the taxation of savings in the context of the tax delegation.

Patuelli: 'Savings are overtaxed and go abroad'. Mattarella: 'It is a value for the country's future'

A first step, however, the government has attempted to do so by tightening the taxation on returns from investments in Bitcoin, raising it from 26 to 42 per cent. The measure was introduced in the manoeuvre bill but has already created a rift in the government, with the League reportedly ready to propose amendments to eliminate this differentiation. Most of the funds saved by households are not invested: the Acri-Ipsos survey published a few days ago shows that 63% of those who save prefer to keep their money in their current account, which is still burdened by the 26% tax on (meagre) returns and stamp duty. If we start from the sum of the 5 trillion and scale back the 63 per cent that is not invested, that leaves 2,350 billion that is nevertheless put to income and on which the state earns at least that 26 per cent on returns. If we assume an average return of 5 per cent, that is 30 billion in revenue. If it were possible to increase the share of capital invested in initiatives that contribute to the economic growth of the country, there would be room to reduce taxation and still have an increase in revenue.

In the financial law, however, there is another rule that instead tightens the conditions for those who invest, particularly in class III and class V life insurance policies, instruments that 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 all, about 6 billion expected between 2025 and 2027 from banks and insurance companies). The measure for the insurance sector touches precisely on the stamp duty, which Patuelli described 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 class life insurance policies. They will be called upon to pay annually the stamp duty on financial communications (calculated as 2 per thousand of the premium paid) instead of paying it in a lump sum at the expiry of the contract. The companies play the role of tax withholding agent but, in this case, they will have to act as a collection agency since they will have to request payment of the tax each year. The expected revenue from this operation is 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 this amounts to a countervalue of 1.8 billion. The technical report states that "the provision also provides for the payment of the stamp duty due in past years (stamp duty set aside annually) and not yet paid in four years with different percentages (50% in 2025, 20% for each of the years 2026 and 2027, and 10% for 2028). In addition, it is provided that the amount corresponding to the stamp duty paid annually by the insurance company is deducted from the benefit paid upon maturity or surrender of the policy'.