Italy Plans Significant Increase in Capital Gains Tax on Cryptocurrencies

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Cryptodnes2024/10/17 05:51

By:Cryptodnes

Italy is set to raise the capital gains tax on Bitcoin and other cryptocurrencies to 42%, according to Vice Economy Minister Maurizio Leo, who announced the move during a press conference regarding the nation’s 2025 budget, as reported by Il Sole 24 Ore.

Leo stated, “We plan to increase the tax on Bitcoin capital gains from 26% to 42%,” highlighting the new measures approved by the Council of Ministers aimed at generating revenue to support families, youth, and businesses.

Since the 2023 tax year, capital gains over €2,000 ($2,180) have been taxed at 26% following changes in cryptocurrency tax regulations, which marked a shift from treating crypto as foreign currency with lower tax rates.

This proposed hike parallels discussions in the UK, where Chancellor Rachel Reeves is reportedly considering raising capital gains taxes on cryptocurrencies from 20% to 39%. Leo also mentioned Italy’s intention to reduce cash usage to fight tax evasion.

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Earlier, Prime Minister Giorgia Meloni indicated that there would be no new taxes for citizens, focusing instead on tax cuts for workers and allocating €3.5 billion from banks and insurance companies to healthcare and vulnerable populations.

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