Manoeuvre 2026, gold tax rebate: 12.5% tax rate on bars and coins

A facilitated rate of 12.5%, instead of the 26% rate, for those who decide, by 30 June 2026, to revalue the investment gold in their possession (bars, plates or coins). This is, according to a parliamentary proposal, one of the hypotheses being studied for the so-called gold tax that could be included in the manoeuvre. Assuming a 10% adhesion, the measure would yield an estimated revenue of between 1.67 and 2.08 billion. The aim of the measure, the document states, is to 'facilitate the emergence and circulation of physical investment gold, while guaranteeing an increase in revenue'.

The proposal concerns taxpayers who, as of 1 January 2026, possess investment gold 'in the absence of documentation proving the relevant cost or purchase value'. Currently, the lack of purchase documentation results, at the time of transfer, in the application of the 26% tax rate on the entire value of the gold transferred, rather than only on the capital gain actually realised, even in the absence of any speculative intent. The proposal therefore aims to introduce an 'extraordinary and temporary discipline' to allow 'the realignment of the tax cost of investment gold held by private individuals, in the sole hypothesis of the absence of historical documentation attesting to the original purchase value,' the proposal states.

Although there are no official figures, according to some estimates private gold in Italy could amount to about 4,500/5,000 tonnes, with an indicative value of 499/550 billion lire, considering the current market price of gold of about 111,000 euro per kg. In the category of gold in the hands of private individuals, which also includes gold contained in jewellery, investment gold is estimated to be in the range of 25-30% of the total, and would therefore amount indicatively to 1,200-1,500 tonnes.