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The Italian government reportedly plans to raise the country’s capital gains tax on cryptocurrencies to 28% instead of 42%.
According to a Nov. 12 Bloomberg report citing people with knowledge of the matter, Italy’s government, under Prime Minister Giorgia Meloni, plans to accept a proposed 28% tax hike on crypto — an increase of only 2% rather than the 26% initially reported. Giancarlo Giorgetti, the Minister of Economy and Finance, defended the proposed tax hike as recently as Oct. 31.
It was unclear what may have led the Italian government to scale back their plans to tax crypto. The price of many cryptocurrencies has surged following a United States election in which many lawmakers who claimed to favor digital asset policies won their respective races.
In 2023, Italian lawmakers increased the country’s capital gains tax on crypto trading for more than 2,000 euros to 26% as part of a budget plan. The proposed crypto tax increase to 42% was estimated to have the government raise $18 million annually, suggesting that the 28% plan could produce far less.
The proposed tax hike is still subject to review and approval by Italian lawmakers before implementation. Giulio Centemero, a member of Italy’s Chamber of Deputies, said in an Oct. 16 X post that taxing cryptocurrencies would be “counterproductive,” calling for further discussion of the proposal.