Italy proposes tax on safety deposit box contents (starting at 15%)

willrocks

willrocks

Well-Known Member
Silver Stacker
I wonder how many other countries will do this too?

MILAN (Reuters) - Italy’s government may tax cash and other valuables locked away in safety deposit boxes held with banks, Italian newspapers said on Wednesday, quoting Deputy Prime Minister Matteo Salvini.

The dailies quoted Salvini as telling a late-night TV program on Tuesday that he had been advised that safety deposit boxes in Italy held assets worth hundreds of billions of euros.

“Money that is substantially hidden,” he said, suggesting that deposit boxes were a way of hiding income and assets from the tax authorities.

Those who voluntarily declared their deposit-box holdings would be taxed at a low rate of about 15 percent, he added.
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https://www.reuters.com/article/us-italy-politics-budget-idUSKCN1TD0G5
 
But surely that cash and gold etc has already had tax paid on it. How can they just tax an asset that's already been taxed? (unless they can prove it's cash income that wasn't taxed)
 
SilverDJ said:
But surely that cash and gold etc has already had tax paid on it. How can they just tax an asset that's already been taxed? (unless they can prove it's cash income that wasn't taxed)
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My guess is they'll request proof that taxes have already been paid.

A bigger concern might be if they go in and open all the boxes. Things might go missing or get misplaced in the process.
 
they might as well drain people's blood each time they come out of their home so that people can be tax to death :)
 
Whilst Italy maybe the home to modern day banking and Italians are happy to borrow from a bank, but sure as hell, won't trust them with their cash and valuables...
 
willrocks said:
My guess is they'll request proof that taxes have already been paid.

A bigger concern might be if they go in and open all the boxes. Things might go missing or get misplaced in the process.
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This is why we should keep all receipts and proof of date of purchases, tag all purchases. I can foresee that even gold bullion won’t be gst free forever. Only a matter of time.

But when this happens, there will be a big move to silver and pt. No one will pay for 10-20% gst/vat for gold. Not at this price, people will rather buy silver.
 
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It is silver that is actually taxed in Europe wit GST not gold like sovereigns
 
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