Provisions regarding the Stamp Duty on Securities, Financial Instruments and Financial Products

The stamp duty on communications related to securities deposits sent by financial intermediaries as introduced by Decree-Law 98/2011 had been due in a fixed and increasing amount. The lowest duty, applicable to securities deposits with a value of less than €50,000, had been fixed at €34.20, which was the same amount applied to the communications related to current bank accounts. With regard to securities deposits with a value of more than €50,000, the following increase in taxation had been contemplated:

• For 2011 and 2012:
  - €70 on securities deposits with a value between €50,000 and €150,000
  - €240 on securities deposits with a value more than €150,000 and up to €500,000
  - €680 on securities deposits with a value of more than €500,000;
• As of 2013:
  - €230 on securities deposits with a value between €50,000 and €150,000
  - €780 on securities deposits with a value of more than €150,000 and up to €500,000
  - €1,100 on securities deposits with a value of more than €500,000;

With the budget package of 4 December 2011, the stamp duty becomes proportional, with the tax rates set at:
- 0.10% for 2012;
- 0.15% from 2013.

The new stamp duty has a minimum amount of €34.20 and a maximum of €1,200. In addition, the taxable base is expanded, with the tax also applied to financial products not subject to the deposit obligation (insurance policies, unit-linked products, index-linked products, life insurance products, mutual funds, certificates of deposit, postal securities, and portfolios under management).
Communications related to pension funds and healthcare funds are excluded.
The tax is applied with respect to market value, or in absence thereof, with respect to the nominal value or redemption value of the instruments covered by the communication.

The application of the stamp duty with proportional rates does NOT regard bank account statements, postal account statements and statements for savings passbooks.
As a result of the changes introduced to Article 13, Paragraph 2-bis of the schedule of tariffs provided as an exhibit to the Decree of the President of the Republic no. 642 of 26 October 1972, a total exemption from the stamp duty has been introduced in relation to account statements regarding relationships with an average balance of up to € 5,000 (thus also including accounts in an overdraft position) if the customer is a physical person; if the average annual balance is more than € 5,000, then the fixed tax of € 34.20 will continue to be applied. For persons other than physical persons, the fixed tax applied is equal to € 100.