Today we often talk about zero-cost current accounts, i.e. totally free or almost free current accounts at banks: you don’t pay monthly fees, you don’t pay wire transfers or cash withdrawals from ATMs, in short, you don’t pay t pay for the most common operations . In practice, commissions are not always absent in all respects; Banks often insert – especially when interest rates are very low – hidden costs or commissions, for example if a withdrawal involves cash below a certain amount or a transfer abroad. But we must also take into account legal fees such as taxes and stamps, especially current account fees above 5,000 euros. But current accounts and savings books are not actually tax exempt (except, of course, income or property taxes).
Taxes on current accounts are basically of two types: stamp duty and withholding tax on accrued interest and stamp duty on securities deposits that can be associated with the current account as an additional service.
The current account tax in question exceeding 5,000 euros is precisely the tax relating to stamp duty, which has a fixed amount and is due only for having a current account in the name of a natural person. Unlike those who have more money in their account, those with an average annual balance of less than 5,000 euros are exempt from stamp duty. Let’s see what figures below are the amounts of the stamp duty we are talking about and if it is okay not to pay it under certain conditions.
Interest tax
Banks recognize the tax on interest income on inventories, or the funds deposited in the current account. We say withholding tax because it is collected directly by the bank as the withholding tax agent, which then pays the tax to the state on behalf of the account holder. This rate is 26% and applies to the total interest received on the inventory. In practice there will be gross interest without withholding tax and net interest with withholding tax. For example, if your checking account recognizes a gross margin of 2%, its net margin will change to 1.48%. This means that out of 2,000 euros in the account for a quarter, the total interest is 10 euros, but in reality the account holder will only receive 7.40 euros because a withholding tax of 2.60 euros will be deducted from the interest.
Stamp duty
The stamp duty for consumer customers is 34.20 euros per year: artisans, small entrepreneurs or other accounts opened by businesses have to pay 100 euros per year. But if you are a consumer, pay attention to the average account balance. It can most likely be understood as a property tax, even though it is a fixed measure of all average current account balances, even the highest.
How does the stamp duty on the current account work?
We have already said that the stamp duty on the current account is 34.20 euros per year. In reality, however, it is charged at the time of issuing the statement, which can be one or more years, depending on how often the customer chooses to send it. Please note that, by law, account statements are sent at least annually.