The Italian government’s announcement of a plan to bring undeclared private gold into the formal economy represents an attempt to close a budget gap of around €2 billion. According to Money Metals Exchange, the initiative would allow citizens to declare their gold bars, jewelry, and coins that lack documentation in exchange for paying a reduced tax of 12.5% of their value. This offer comes amid current tax policies that impose a higher 26% tax when selling undocumented gold, which has encouraged many to operate in informal markets.
Supporters of the plan say it will encourage individuals to reassess and legalize their holdings, potentially reducing future burdens when selling, as taxes would then apply only to profits. Accountants also note that this step could lower tax pressure on individuals in future transactions. However, it remains uncertain whether many citizens will participate, given the possibility of continuing to use grey markets instead of declaring assets.
The initiative also faces doubts بشأن حجم الذهب غير المصرّح به الذي يمكن أن يُعلن فعليًا, despite Italians’ historically strong connection to gold as an important form of family wealth.
