(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.
