Rome, 14 November (LaPresse) – An “extraordinary and temporary” tax break to encourage the revaluation of investment gold, such as coins and ingots, for which there is no documentation of the purchase price, and bring it back to the current price, paying 12.5%. This is a way to take advantage of the favourable market and recover useful revenue. This is what is provided for in an amendment by the Lega party, proposed by MP Giulio Centemero, which will be presented by the party's senators to the budget committee by the deadline expiring today at 12 noon. The operation, which is also supported by Forza Italia, is estimated to generate additional revenue of between €1.68 and €2.08 billion to be used to cover other measures. According to the League, this level of taxation would be in line with the taxation currently applied to government bonds and would encourage a large number of investment gold holders to voluntarily participate in the initiative. The revenue estimate is based on a minimum participation rate of 10%. According to some estimates, private gold holdings in Italy could amount to around 4,500/5,000 tonnes, with an indicative value of €499/550 billion, considering the current market price of gold at around €111,000 per kg and the general category of gold held by private individuals, which also includes gold contained in jewellery, investment gold can be estimated at between 25-30% of the total and would therefore amount to approximately 1,200-1,500 tonnes. Assuming that only 10% of the quantities highlighted above were subject to redemption, the revenue from this initiative should be between €1.67 and €2.08 billion.
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