Italy
Italy exempts investment gold from VAT and taxes the resale gain at a flat 26% rate (substitute tax), regardless of which sale channel you use, but applies its own specific declaration regime on top of the standard European threshold.
VAT and import to Italy
Investment gold is VAT-exempt on import into Italy, including from Switzerland, under the same EU directive applied across the rest of the bloc.
Customs declaration
Italy applies a dual declaration requirement specific to gold, on top of the standard European €10,000 rule.
| Amount | Requirement | Form |
|---|---|---|
| Under €10,000 | No declaration required | — |
| €10,000 or more (physical transport) | Mandatory customs declaration | Agenzia delle Dogane – cash transfer ↗ |
| €10,000 or more (gold transaction) | Separate declaration to the Financial Intelligence Unit (UIF), regardless of transfer method | Banca d'Italia UIF – gold declarations ↗ |
Resale
In Italy, the gain on selling physical gold is consistently taxed at a flat 26% rate (substitute tax), regardless of which sale channel you use, there is no progressive scale that applies to investment gold. What varies is who calculates and pays the tax: you, under the standard filing regime, or the intermediary on your behalf if the transaction goes through a managed or administered savings regime.
| Scenario | Tax treatment |
|---|---|
| Physical gold sale (standard case) | You calculate the gain yourself and pay the 26% tax via Form F24, declaring it in Quadro RT of your tax return |
| Gold-backed financial products (ETCs) under a managed or administered regime | The intermediary withholds and pays the 26% on your behalf, a simpler process, but the rate stays the same |
| Sale without a purchase invoice | As of 1 January 2024, the 26% substitute tax applies to the full sale price, rather than an estimated flat-rate gain as previously. |
| Documentation | No minimum holding period applies; using a certified dealer simplifies reporting either way |
What is investment gold?
Investment gold is the same defined category used across the EU: bars and ingots of at least 995‰ purity produced by an accredited refiner, and coins that are at least 900‰ pure, minted after 1800, are or have been legal tender in their country of origin, and are normally sold at no more than 80% above the value of the gold they contain. Italian VAT law exempts this category on the same basis as the rest of the bloc. Only gold that fits this definition qualifies for the VAT exemption and the treatment described below; jewelry and coins outside the recognized list are taxed as ordinary goods.