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Posted on 11/18/2025 5:09:55 AM PST by Migraine
(Kitco News) – Italy is considering a one-off levy for households to declare gold that is being held off the books – a move that could raise over 2 billion euros, or $2.3 billion, according to an amendment to the 2026 budget seen by Reuters.
The proposal would allow individuals to pay a one-time tax of 12.5% to certify the market value of their bullion, gold jewelry, and collectible coins for which purchase records are missing – the same rate levied on government bonds. Under the proposal, the certification must be done by June 2026.
Under current rules, the lack of proof of purchase results in a 26% tax on the entire sale value of the gold, rather than just on the actual capital gain. Lawmakers from the co-ruling League and Forza Italia party said this has discouraged people from selling their inherited gold on the official market, and has pushed some transactions into informal or undeclared channels, limiting market liquidity and lowering tax revenues. Estimates put Italy’s privately held gold at 4,500–5,000 metric tons - worth roughly 500 billion euros at current prices.
“Under the proposed measure, taxpayers opting in would declare their holdings at market value, pay the substitute tax in one or three annual instalments, and obtain a stepped-up fiscal value basis for future sales,” the report noted. “The process would be overseen by authorised intermediaries and advisers, with strict anti–money-laundering checks.”
Supporters have said the measure could generate significant one-off revenues for the Treasury. Based on an assumption that only 10% of privately held investment gold is certified, the draft estimates additional revenue of up to 2.08 billion euros if a significant portion of the remaining 90% were to be certified and taxed at 12.5%.
The proposal would also encourage the legal circulation of gold by removing what some see as a “punitive regime” for individuals who are unable to document purchases made many years ago – often by previous generations.
The amendment still needs to be cleared by parliament and be vetted by the government.
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well, that is certainly a transparent act to benefit mainly the rich. Good question, my answer isa that every Italian who have no gold holdings will see it for what it is, otherwise, the ansawer has to be yes. Because that is right out there in the open for all to see, no pretenses or slight of hand invoved.
One time ...
Waiting for one taxes to disappear ping.
Stupid if they fall for that one.
I am largely a dunce when it comes to money and investments, but...even I wouldn’t fall for that one.
One time? Yeah, sure. To me, this would be akin to the American government telling us “we’re going to have a one time declaration of all guns held by all Americans. After that, we will leave you alone”.
That would be one and done.
LOL “Hey, grubermint - I have gold or silver” LOL
On the way to FDR type seizures?
Exactly!!!
"The proposal would allow individuals to pay a one-time tax of 12.5% to certify the market value of their firearms for which purchase records are missing"
Should have read further down the thread. I too substituted firearms for gold as I read the article.
Mama mia! I shouldn’t have taken all my gold on that gondola ride.
The proposal would allow individuals to pay a one-time tax of 12.5%
——-
“Allow”. Yeah, sure. “Allow”. I think they mean “Require”.
Mussolini wanted Italians to sell their gold wedding bands & rings foe much needed revenue to the State. Everything within the State. Nothing outside of the State. Not much has changed, I see.
“What gold? I don’t have no steenking gold.”
I see a 12.5% tax in the article, not 52%. Am I missing anything other than a click ait headline writer?
I remember a similar situation back when the Euro was replacing all the various national currencies. Lots of people had currency stashed away in mattresses and instead of converting to the Euro they’d buy artwork and suchlike to have an asset the government wasn’t tracking. A work buddy’s brother made a bunch because as a semi-famous artist he had a bunch of paintings ready to go for premium prices.
““What gold? I don’t have no steenking gold.””
Same here. I used to have some. But I lost it all. I don’t like to talk about it.
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