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Italy seeks to impose one time tax on privately held gold
derryb
Posts: 38,633 ✭✭✭✭✭
4,500–5,000 metric tons of privately held gold,
In the name of "transparency, legal gold circulation."
Governments can print currency. Only the people can print faith in it — and they’re running low on ink.
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here is reuters
is reuters a trustable news source?
https://www.reuters.com/business/italy-weighs-one-off-levy-bring-private-gold-holdings-into-formal-economy-2025-11-14/
reuters is the hub of mainstream news
Governments can print currency. Only the people can print faith in it — and they’re running low on ink.
looks like the real media reads reuters too
Just a step in government confiscation of gold-where have we seen this before. Exoect more of this thievery as governments head closer and closer to insolvency world wide. Once holdings are located even safe deposit boxes would not be safe from these crooks. A big middle finger is all I have for this.
Who's gonna own up to saying they have gold unless there's some restrictions to it? Just wondering is all
(Yes, they'll give you a certificate) and a merry Christmas
This is serious stuff!
"The proposal would allow individuals to pay a 12.5% tax to certify the market value of bullion, gold jewellery and collectible coins for which purchase records are missing, the same rate as on government bonds. The certification has to be done by June 2026.
Under current rules, the lack of proof of purchase can lead to a 26% tax on the entire sale value, rather than just the actual capital gain. This has discouraged people from selling their inherited gold on the official market and pushed some transactions into informal or undeclared channels, limiting market liquidity and tax revenues, "
just a note that in the us that gold investments sold without a documented purchase price are taxed with a $0 cost basis. this means the capital gains taxes are on the full sales price
liquidity. funny.
Same with anything sold - from a used pair of knickers to a kilo of gold
I lost all me gold in a terrible yachting accident. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
I think you could make the argument that the cost basis is a least the face value of the coin.
maybe it is undocumented because it is a gift with no cost basis
And so it begins.
MAMA MIA !
It's all about what the people want...
LOL. The gift would still carry the original cost basis - the face value of the coin. - .