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Online current account: savingsmeter and tax on savings 2020

Online current account: savingsmeter and tax on savings 2020

Conto corrente online: risparmiometro e tassa sui risparmi

With the new year is expected the entry into force of the new Savings Tax 2020 and the introduction of the Savingsmeter: what is it? What will be the consequences for your online current account? Let us try to clarify the new provision.

The so called Savingsmeter is a new tool, used by the Revenue Agency to monitor any undeclared income or anomalies on the current accounts of Italian citizens. With the entry into force of the new system, public and private entities such as banks or post offices are required by law to disclose to the tax authorities data regarding the management of personal and company accounts, to allow the savingsmeter to detect suspicious movements. If the anomalies detected exceed 20%, the Revenue Agency intervenes to carry out a verification of the financial situation of the person under consideration.

If the Revenue Agency manages to demonstrate that there are undeclared parts of income, it would apply the Savings Tax, an undeclared income tax, which is calculated on the basis of the anomalies found.

What are the sources of income involved in the savingsmeter survey? The range of action is decidedly wide, as it includes online current account, credit cards, bank or postal account, bonds, invoice data and bank transactions.

If the citizen incurs a tax investigation following the detection of undeclared income by the savingsmeter, he could still defend his position at the Revenue Agency.

The Saviometer is also known as Evasometer, as it is equipped with a software capable of detecting any inconsistencies with respect to the previously declared income: many have expressed doubts about this instrument, as there are various cases for which anomalies may result (like money transfers from one bank account to another).

Would you like more information to open a safe and reliable online current account? Do not hesitate to contact us!

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