A review of the taxation on stock market transactions was hoped for yesterday by the president of the Council Craxi and was immediately endorsed by some deputies of the independent left. In fact, already in the work for the revision of the consolidated tax text, the problem has been studied to standardize Italian treatment with that of other countries where, for example, capital gains are taxed and tax losses are deducted.
For example, the deputy Vincenzo Visco says: if capital gains are taxed, losses must also be deducted from the stock exchange. His proposal is therefore to "invent a mechanism that allows the tax levy on the difference between the selling price and the purchase price of the shares".
So far, the ministry of finance has avoided introducing such a mechanism because it is considered too cumbersome, that if it can allow the taxpayer to count on substantial revenues at a time of "stock exchange" it can even produce a drain in a period of "exchange- bear". Therefore, no later than last year, Minister Visentini specified that in any case all the transfers for consideration of share packages of listed companies are subject to taxation when the amount exceeds 2 percent. Instead, most investors are taxed on capital gains only if the tax authorities ascertain the speculative intent.
This intention was however excluded from a previous law when the period between the purchase and sale of securities exceeds five years. Here are the obligations foreseen for the tax payer for the next tax return. The Fisco for its part, accentuating the sensitivity towards financial income, has further tightened its grip by introducing an additional contribution which, having to apply to total income, also affects capital gains of over four million: 7.5% on income total up to 40 million and 4% to 100 million.
This is essentially an increase in income tax. But in addition to equity investments, there are now various forms of financial investment on the market that have such a different tax treatment that it is often difficult to disentangle in its meanders.
However, this extreme diversification makes it possible to identify which of these allow greater savings in terms of taxes and thus identify the tax obligations that follow for the tax payer. For the capital incomes and those to which they are equated, the form I of the model 740 must be completed: in section I the divides, in section II the other capital incomes. For dividends, a tax credit equal to 56.25% of their amount is added, which is added to the dividends themselves and then reported in the N framework and included in the total taxable income to be taxed. We will see better how the tax credit works and the effects it can have in a reductive way on the tax to be paid. On the other hand,
if we want to make a list of investments according to their best tax treatment, we should start with: – Government Bonds, Mutual Funds and Bonds, the reason is soon clear, Government Bonds are exempt from all taxes, all of which can not allow some deductions during the tax return only when they exceed two million; The Mutual Funds actually pay taxes because they are paid by the companies that manage the Fund, but to the investor the income that comes from it is net of any tax and is exempt from both Irpef and Ilor, therefore they must not be declared.
The only tax payable by the investor is 0.25% which is calculated on the annual average of the monthly net values. The percentage can be reduced to 0, 10% if the capital of the fund is invested for at least 55% in shares or bonds of Italian industrial companies. However, the prices of the funds are already net of these taxes, so the investor has the possibility to control the market value of what he has invested. As for bonds, we can say that they are among the investments that offer greater tax advantages.
Some of them such as Enel are even exempt, others because they are issued in periods of tax exemption and n any case for those issued from January 1, 1984, the withholding tax of 12.5% is discounted to final tax credits, at least for natural persons. – atypical securities: these financial instruments precisely because so far were not provided for by our tax system have allowed in the past a tax evasion in fact.
They are represented by real estate, agricultural or investment certificates are subject to an 18% withholding tax as tax on both income and capital gains realized on maturity. For withholding securities held by limited companies, withholding tax is considered as an advance payment. Income deriving from bank and postal deposits and certificates of deposit issued by ordinary credit companies are subject to a 25% withholding tax in the case of natural persons.