Attention, if you have a checking account today you will have to pay this tax. For all holders of a bank or post office account, today is an important date. In fact, it is the expiry of a tax that few pay attention to, but it is one of the most unfair. A tax that applies indiscriminately to rich and poor. To those who have a flood of money on their account and to those who have a few thousand euros. Let’s see what this tax is
Attention, if you have a checking account today you will have to pay this tax
At the end of June of each year, those who have a bank and postal account must pay the stamp on current accounts. The tax amounts to 34.2 euros and is paid in a single payment on 30 June. The state mandates banks to withhold this figure from the checking account. It is retained entirely at the end of June for those who have an annual report. For those who have a quarterly report, it is subtracted in the amount of 8.25 euros each quarter.
It is an unfair tax because it is applied in an identical measure to everyone. To those who have many thousands of euros in the account and to those who have few thousands of euros instead. And out of 6, maybe 7 thousand euros, 34 euros are not a small thing. Out of 6 thousand euros they are 0.5%, 5 per thousand. But out of 60 thousand euros in the account, they are 0.05%, 0.5 per thousand. The less money you have in stock the more the tax has a negative impact.
How can this tax be avoided?
There are only 3 exceptions that allow you to not pay the tax of 34.2 euros per year. Have an average account balance of less than 5 thousand euros. Or have an ISEE of less than 7,500 euros. Or alternatively use a prepaid card even if equipped with Iban.
For those with an ISEE of less than 7500 euros, the exemption is by law. But outside of this condition, there are solutions to avoid this tax. For example, those who have stocks of over 5000 euros, maybe 7 thousand or 8 thousand euros, can open another checking account and deposit half of their money in a new account.
There are online banks, but some also traditional, which offer basic accounts at almost zero cost. With an average stock on the two accounts of less than € 5,000, the stamp duty on both is avoided and you have one more account.