Currently there are many retirees who have to deal with small checks. This is why even in this phase of life, the attention to savings is always very high. Those who have a current account with a credit institution can benefit from a facilitated form for crediting the pension and depositing savings. In fact, many retirees lose money on their checking account for this tax that could be avoided as we see below.
In which cases are the payments of taxes on the current account triggered and to whom they apply
Nowadays it is really impossible not to have a checking account. This type of financial instrument has become so familiar that even the less accustomed to the use of technologies are able to carry out basic operations. This is the case, for example, of many elderly people. They have a rather limited operation on their account which is often reduced to basic operations such as deposits and withdrawals. Despite this, the taxes that each saver pays for managing the current account at the end of the year collect considerable amounts.
It is not just about the costs of specific operations as is sometimes the case for wire transfers or withdrawals. One of the most hated taxes regarding the current account is the annual stamp duty. This tax was introduced by Legislative Decree no. 201/2011 and subject to subsequent amendments. Currently, the amount of the tax corresponds to € 34.20 per year for individuals. This tax is applied to the extent that the average annual balance of the current account exceeds 5,000 euros. The rule also applies to pensioners who in some cases could be exempted thanks to a guarantee formula.
Many retirees lose money on their checking account for this tax that could be avoided
In some cases, the State guarantees retirees a current account exempt from the payment of stamp duty. All credit institutions are required to insure this type of account, even if it is often not particularly well known. This is the basic account that has also seen its introduction in 2011. Its goal is to encourage financial inclusion for everyone through an easy-to-use product.
Against an all-inclusive fee, this type of current account offers a limited number of operations. It is accessible to pensioners who receive a maximum gross pension of 18,000 euros per year. Basic account holders do not have to pay the aforementioned stamp duty or any other fees. However, they can carry out a limited number of operations whose scheme can be consulted in the article: “Families and pensioners can obtain this facility on their current account”. Those who meet the requirements to access it, could therefore request this type of account from their credit institution.
To choose the most convenient current account and keep your money safe, you need to consult this important document