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 The Italian government is reportedly reviewing its substantial 42% tax on crypto gains, with sources suggesting a possible revision. A recent Bloomberg report <a style="color: #0000ff;" href="https://www.bnnbloomberg.ca/business/company-news/2024/11/12/italy-poised-to-water-down-proposed-42-tax-on-crypto-trading/" rel="noopener noreferrer nofollow">indicates</a> that the government may approve a proposal from one of its coalition partners to lower the tax rate to a more moderate 28%.&nbsp;
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The government initially<a href="https://www.ilsole24ore.com/art/bitcoin-ritenuta-plusvalenze-passa-26-42percento-AGp9CXa" rel="noopener noreferrer nofollow"> proposed</a> a 42% tax on crypto capital gains, directly affecting Bitcoin investors and traders. Unveiled last month as part of Italy’s 2025 budget plan, this new tax reflects the country’s strategy to tap into investment-based profits to boost economic support.
However, on November 7, Italy’s Economy Minister, Giancarlo Giorgetti, indicated he is open to revisiting the<a href="https://www.reuters.com/markets/currencies/italy-minister-open-reviewing-tax-hike-cryptocurrencies-2024-11-07/" rel="noopener noreferrer nofollow"> proposed</a> tax increase. He suggested “different forms of taxation for those who hold investments in their portfolio.”&nbsp;
Notably, <a style="color: #0000ff;" href="https://www.reuters.com/markets/currencies/italy-minister-open-reviewing-tax-hike-cryptocurrencies-2024-11-07/" rel="noopener noreferrer nofollow">a Reuters report</a> highlighted that the proposed tax hike has faced criticism within Giorgetti’s League party. Italian lawmaker Giulio Centemero <a style="color: #0000ff;" href="https://www.reuters.com/markets/currencies/italy-minister-open-reviewing-tax-hike-cryptocurrencies-2024-11-07/" rel="noopener noreferrer nofollow">called</a> the decision “counterproductive” and advocated for more in-depth discussions with market stakeholders.
The coalition party has proposed that the government set up a permanent working group that includes crypto companies and consumer associations. According to the Bloomberg <a style="color: #0000ff;" href="https://www.bnnbloomberg.ca/business/company-news/2024/11/12/italy-poised-to-water-down-proposed-42-tax-on-crypto-trading/" rel="noopener noreferrer nofollow">report</a>, this group would focus on educating investors about cryptocurrency.
Meanwhile, the Bank of Italy is <a style="color: #0000ff;" href="https://defi-planet.com/2024/07/italys-central-bank-set-to-roll-out-guidelines-for-implementing-eu-crypto-regulations-mica/" rel="noopener noreferrer nofollow">preparing</a> to release guidelines for implementing the EU’s Markets in Crypto-Assets Regulation (MiCA). Governor Fabio Panetta stated that these guidelines will help ensure the practical application of MiCA and protect cryptocurrency holders.&nbsp;
The Italy crypto tax is part of the broader effort by EU countries to tighten regulations on digital assets. The Dutch Ministry of Finance has <a style="color: #0000ff;" href="https://defi-planet.com/2024/10/netherlands-seeks-public-input-on-proposed-crypto-tax-rules/" rel="noopener noreferrer nofollow">initiated</a> a consultation on its proposed crypto tax framework, aiming to enhance transparency and simplify reporting. Starting January 1, 2026, crypto service providers will be required to collect and submit user data to the Dutch Tax Administration. This move is in line with the EU’s DAC8 directive, which streamlines reporting by allowing providers to submit data once in their home country, reducing administrative burdens across EU member states.&nbsp;
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The post <a href="https://defi-planet.com/2024/11/italian-government-contemplates-revising-its-proposed-crypto-tax-rules/" rel="noopener noreferrer nofollow">Italian Government Contemplates Revising its Proposed Crypto Tax Rules</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Italian Government Contemplates Revising its Proposed Crypto Tax Rules

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