Much is the specialized and sectorial terminology of the world of loans; sometimes, in fact, the confusion of the customers is combined with the bad information provided by the financing bodies.
Consumer credit, surety bonds and many others are the terms that are commonly included in the language of a loan contract. In order to provide a precise and punctual help for all those who approach for the first time the subscription of a loan, or simply want to deepen some peculiar aspects, here below the attention is focused on a typical element, namely the stamp duty on personal loans.
WHAT DO YOU MEAN BY STAMP TAX ON PERSONAL LOANS?
The stamp duty on personal loans consists of a tax levy, applied in the event that documentation is requested, for example, in this specific case, a request for financing; in practice, the stamp duty consists of the payment of a tax levy for the purpose of producing a given documentation.
The stamp duty on personal loans is regulated by Italian law, which also establishes the precise amount that must be applied to the various documents. Stamp duty can be fixed or proportional.
In the event that the loan application is submitted to a financing body, the speech remains the same; in fact, at the moment in which, once all the necessary procedures for the launch of the case have been completed, the effective request for the disbursement of the loan is made, it will be necessary to pay the stamp duty on the loans.
HOW IS THE AMOUNT OF THE STAMP TAX DETERMINED? WHAT ARE THE COSTS AND CHARACTERISTICS OF THE BANK TAX ON LOANS?
The stamp duty on loans is attributable to the additional costs of the loan, ie those that are not included in the APR.
When you decide to apply for a loan, in fact, in addition to the Annual Global Effective Rate of the entire loan, you will need to consider the tax burdens on the customer requesting the loan.
The amount of the stamp duty on loans currently stands at $ 14.62 for all those contracts which provide for a duration of 18 months.
However, to this figure must be added the payment of an additional stamp duty, equal to $ 1.81, applied to cover all communications made by credit institutions and financial companies to the customer.
While the amount of $ 14.62 is applied to the first installment of the payment, the second, or that amounting to $ 1.81, joins the stamp duty for opening the loan.
For $ 16.43 deriving from the sum of the two stamp duties, another monthly cost (commission cost) is added, which must be multiplied by the number of months of loan duration.
The payment of stamp duty on loans is mandatory even if you decide to withdraw from the loan agreement.
AN EXAMPLE OF BUBBLE TAX ON THE FINALIZED LOAN
To take an example of the stamp duty calculation, the following identikit is taken as a reference, ie a finalized loan that has the following parameters:
- 8 months at zero rate;
- for the purchase of an asset worth $ 400.
According to the above, the initial installment will amount to $ 70, the next six installments will be around $ 55, while the last installment will be $ 58. In this way we will reach a total equal to a sum that goes beyond the initial price of our good, around $ 470.
The stamp duty of $ 14.62 will be applied to the first installment, while on the last installment the costs of sending the statement of account and the stamps of law from $ 1.81 will be charged.
HOW IS THE STAMP TAX PAID?
The stamp duty is paid according to the methods indicated in the attached tariff, or:
- by payment to an intermediary agreement with the Revenue Agency;
- by paying the tax to the office of the Revenue Agency or to other authorized offices;
- by paying into a postal current account.
In the first case, the intermediary issues a payment to the payer by electronic means, while in the other cases, payment is made in virtual mode.
WHAT ARE THE BANKS PAYING THE CUSTOMER BILL TAX?
The increase in stamp duty on deposit accounts is 50%: here is a new blow for consumers.
The new legislation, in fact, provides that, for all traditional current accounts, which exceed $ 5,000 in average annual deposits, a stamp duty of $ 34.2 will be applied
Among financial products, together with bonds, investments and shares, deposit accounts have also been included since 2012, so another tax was set up as a percentage of the amount deposited, equal to a rate of 0.15%, therefore $ 34.2 will also be paid for financial products.
On the other hand, however, the most convenient proposals for what concerns the current accounts come from the banks operating online: they, in fact, allow to halve the average annual costs compared to traditional branches, allowing the customer to save considerably on the additional taxes.
For example, the two current accounts in Che Banca and in the Orange Current Account, allow the customer to enjoy a series of free services, with zero taxes, with a tax amount on the stamp equal to zero, as well as no monthly fee and no fee for ATMs.