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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, <a data-ct-non-breakable="null" href="https://www.bnnbloomberg.ca/business/company-news/2024/11/12/italy-poised-to-water-down-proposed-42-tax-on-crypto-trading/" rel="null" target="null" text="null" title="null">plans</a> to accept a proposed 28% tax hike on crypto — an increase of only 2% <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/italy-bitcoin-increase-capital-gains-tax-26-to-42" rel="null" target="null" text="null" title="null">rather than the 26%</a> initially reported. Giancarlo Giorgetti, the Minister of Economy and Finance, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/italy-finance-minister-raise-crypto-capital-gains-tax" rel="null" target="null" text="null" title="null">defended the proposed tax hike</a> 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 <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-declares-victory-crypto-community" rel="null" target="null" text="null" title="null">claimed to favor digital asset policies</a> won their respective races.&nbsp;<iframe width="100%" height="315" src="https://www.youtube.com/embed/JfsGx4upGFw" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/italy-crypto-guidelines-coming-within-days-central-bank-governor" rel="null" target="null" text="null" title="null">Bank of Italy to release crypto guidelines in ‘coming days’ — Governor</a>
In 2023, Italian lawmakers <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/italy-approves-26-capital-gains-tax-on-cryptocurrencies" rel="null" target="null" text="null" title="null">increased the country’s capital gains tax</a> 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.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/best-worst-countries-crypto-taxes-crypto-tax-tips/" rel="null" target="null" text="null" title="null">Best and worst countries for crypto taxes — plus crypto tax tips</a>

Italy scales back plans to hike crypto tax rate: Report

Cointelegraph

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