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Italy proposes tax on savings hidden in safety deposit boxes

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By Reuters

MILAN – 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.

Italian Deputy Prime Minister Matteo Salvini attends a joint news conference following a cabinet meeting in Rome, Italy, June 11, 2019 (REUTERS/Remo Casilli/MANILA BULLETIN)

Italian Deputy Prime Minister Matteo Salvini attends a joint news conference following a cabinet meeting in Rome, Italy, June 11, 2019 (REUTERS/Remo Casilli/MANILA BULLETIN)

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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