Change is coming on December 1 with the abolition of the Stamp Duty on more than 600 transactions, nearly two centuries after its imposition, and its replacement by the Digital Transaction Fee.
The new fee will be imposed on specific acts, contracts and transactions, and will not apply to those covered by other tax provisions, such as FAT, inheritance tax and property transfer tax.
The Digital Transaction Tax will apply to, among other things, business leases of real estate that are not subject to VAT, loans (interest and interest-free), credit cards without interest charges, sales of movable goods excluding VAT, business transfers and distributions of inheritances. It will also be levied on fees, bank cheques, prizes, awards and on procedures for issuing and renewing licences, such as those for driving or residence.
The Payroll Tax will be remitted through the digital platform “myAADE” and the declaration will be for transactions from the 1st to the last day of the month, with a deadline for submission by the end of the following month. Upon finalization of the declaration, the fee will be automatically determined and payment will be made through the issuance of a “Debt Identity Card”.
There is a provision for the refund of the Digital Fee in cases where the transaction is not completed, either due to non-issuance of an administrative act or due to unforeseen circumstances that make it impossible to complete the transaction.
The reimbursement process begins with the submission of an amending declaration and the attachment of the necessary supporting documents, while the examination is carried out by the competent authority.
The new fee varies depending on the nature of the transaction. For example, a rate of 3.60% is imposed on real estate leases, while for transactions where all parties involved are engaged in business activity the rate is reduced to 2.40%. Lower rates, such as 1.20%, apply to fees paid to individuals, while for cheques presented to banks the fee is 0.30%.
In special cases, such as a tax withholding obligation or a contributory debt, the fee is paid directly without a separate declaration. Also, for administrative acts where an advance payment is required, the payment is made through the e-paravolo application.
The abolition of the Stamp Duty will affect important transactions such as utility loans, insurance transactions, establishment and capital appreciation of non-profit organizations, and conventional interest on loans.
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