Italian Prime Minister Giorgia Meloni’s government is looking to gold — and its soaring value — to raise more money for the public coffers, as members of her right-wing coalition squabble over other elements of next year’s budget.
Some lawmakers from the three-party governing coalition have proposed that the Italian exchequer could raise up to €2bn from a scheme to entice citizens who own undocumented gold coins, jewellery and bullion to declare their holdings, have it valued and pay a 12.5 per cent tax on its worth.
Many Italian families hold small stocks of gold that lack any proof of origin, as it is often inherited from parents and grandparents who traditionally saw the precious metal as safer than the lira, Italy’s currency before the euro. Traditionally, Italians have also given children and grandchildren small gifts of gold.