Institutional

Italian deputy PM proposes taxing safety deposit boxes

June 12, 2019, 5:00PM EDT

The Italian government may go after people’s savings located in safety deposit boxes in banks, La Stampa writes. Italian Deputy Prime Minister Matteo Salvini believes there is a substantial amount of assets stored in banks—as much as hundreds of billions of euros. He claims that taxing those savings could bring back money that is otherwise “kept under the mattress” and “hidden.”

Salvani said those who declare their holdings will pay a 15 per cent tax. Thus, the money would be “re-introduced” to the Italian economy.

A possible three billion euro fine imposed by the European Commission is looming over Italy as the country is breaking EU regulations in regards to rising debt. Despite the current crisis, the Italian government is trying to avoid introducing new taxes, increasing VAT, or introducing budget cuts. 

Related Reading