What is Stamp Duty and why do I need to pay this?

Stamp duty is a tax that should be paid in accordance with Italian Tax law by natural persons, freelancers and companies if their average balance is above 5,000 €.

The total amount is fixed at 34.20 € for individuals/freelancers, and 100 € for other entities, both of which are applied annually. This amount is usually divided and paid per quarter, in accordance with the availability of the Account Statement.

When Stamp Duty will be charged?

With Finom, Stamp Duty is charged once per quarter if the quarterly average balance exceeds 5,000 €. SolarisBank will automatically charge this on your behalf, and you will therefore see the amount charged in your Finom personal account.

What is the quarterly average balance?

This is the average amount of funds remaining on all Finom wallets per quarter, after withdrawals and payments. It is calculated as the sum of daily balances in a quarter, divided by the number of days in a quarter.

If you have more than one wallet with Solarisbank through Finom or with multiple Solarisbank partners, stamp duty is paid per every wallet owned, independently from the individual amount held on an account.

How is the Stamp Duty calculated?

Stamp duty depends on the type of business:

  • € 8,55 per quarter for individuals/freelancers.

  • € 25 per quarter for companies

Example 1

You’re a freelancer with two wallets, both with an average balance of 5,600 €. Stamp duty is applied as follows:

Average balance

Stamp Duty as at 31 March

Stamp Duty as at 30 June

Stamp Duty as at 30 September

Stamp Duty as at 31 December

Wallet A

5,600 €

€ 8.55

€ 8.55

€ 8.55

€ 8.55

Wallet B

5,600 €

€ 8.55

€ 8.55

€ 8.55

€ 8.55

Example 2

You’re a freelancer who has a wallet with an average balance exceeding 5,600 € in just one quarter. Stamp duty is applied as follows:

Q1

Q2

Q3

Q4

Average balance

4 €

4 €

4 €

10,000 €

Stamp Duty

-

-

-

€ 8.55

No Stamp Duty is due for the first 3 quarters because the average balance is lower than 5,000 €.

Example 3

You’re a freelancer who opened an account on November 20th. Your average balance is 10,000 € in Q4. The stamp duty is proportioned to the days from the opening of the account to the end of that year.

Q1

Q2

Q3

Q4

Average balance

-

-

-

10,000 €

Stamp Duty

-

-

-

(34.20*42/365)= € 3.93

Example 4

You’re a freelancer with two wallets. Wallet A has an average balance of 50,000 € in Quarter 1 and 1,000€ in the other quarters. Wallet B has an average balance of 2,000 € for the entire year. The tax is calculated as follows:

Q1

Q2

Q3

Q4

Average balance for Wallet A

50,000 €

1,000 €

1,000 €

1,000 €

Stamp Duty for Wallet A

€ 8.55

-

-

-

Average balance for Wallet B

2,000 €

2,000 €

2,000 €

2,000 €

Stamp Duty for Wallet B

€ 8.55

-

-

-

Stamp duty will be charged from each wallet for the first quarter because the average balance for all wallets has exceeded 5,000 € ,and the stump duty must be charged from each wallet.

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