To shed light on the correct application of the stamp duty in the banking sector, particularly in the case of account deposits entitled to foreign clients, Italy’s Revenue Agency published just recently an ad hoc ruling, or interpello 496, of 25 November 2019, in reply to the demand posed by an Italian bank.
The red effect: the stamp duty goes along with periodic communications even if sent to non-resident banking customers - At first, through its answer, the tax Administration explains to the applicant that an Italian bank that manages deposit accounts is strictly required to prepare and send periodic communications, all subject to stamp duty, to its customers, even if they do not reside in Italy. In fact, the communication answer to the requisite, and the duty, to summarize, periodically or at least once the year, the position and value of the financial products to the bank clients, even if they are non-residents. Moreover, in the case subject to the ruling, the Revenue Agency points out that periodic banking communications are also subject to stamp duty even if sent to non-resident customers.
The green effect: no stamp duty on deposit contracts stipulated with non-residents – With the same interpello, the Revenue Agency underlines how the deposit account contracts, stipulated by the bank with non-resident customers in Italy, are not subject independently to the stamp duty, since it is included in the substitute tax - article 13, paragraph 2-ter of the tariff, part first attached to the d.P.R. n. 642 of 1972.
The framework proposed by the applicant - In particular, the ruling rises from the request sent by an Italian bank asking the Agency if, for a deposit account contract with and for communications to be sent to non-resident customers regarding their deposit accounts, all managed through the IT platform of a German company with which the Italian bank carries out financial activity "at a distance ", should be considered applicable the stamp duty - article 2 and article 13, paragraph 2-ter, of the first part tariff, attached to the dPR n. 642 of 1972.