2024-10-17 16:01 |
Italy plans to raise the capital gains tax on cryptocurrencies from 26% to 42%. The new policy reflects a trend among European countries tightening crypto regulations. PM Giorgia Meloni assures no new taxes for citizens despite the proposed increases.
Italy is set to increase its capital gains tax on Bitcoin and other cryptocurrencies from 26% to a staggering 42%, according to Vice Economy Minister Maurizio Leo.
This announcement was made during a press conference detailing the country’s budget for 2025, where Leo highlighted measures approved by the Council of Ministers aimed at generating additional resources to support families, youth, and businesses.
Italian’s new tax policy reclassifies crypto taxationThe new tax policy marks a significant shift from the current framework, which has been in place since the 2023 tax year.
This change follows a broader reform that reclassifies cryptocurrency taxation, moving away from treating cryptocurrencies as foreign currency, which had previously benefited from lower tax rates.
Under the previous regime, capital gains exceeding €2,000 (approximately $2,180) were taxed at a rate of 26%.
European countries tightening tax regulations on digital assetsThe increase in the capital gains tax on cryptocurrencies reflects a growing trend among European countries to tighten tax regulations on digital assets.
Similar moves have been reported in the UK, where Chancellor Rachel Reeves is considering raising capital gains taxes, including those on cryptocurrencies, from 20% to 39%.
In addition to the capital gains tax hike, Leo mentioned that Italy plans to intensify its efforts to combat tax evasion, particularly through stricter regulations on cash transactions. This initiative aims to create a more transparent financial environment and bolster government revenues.
Despite the proposed tax increases, Italian Prime Minister Giorgia Meloni reassured citizens that there would be no new taxes affecting the general population. She stated that the government remains committed to structural tax cuts for workers and plans to allocate €3.5 billion from banks and insurance companies to healthcare and support for the most vulnerable sectors of society.
As Italy prepares to implement these tax changes, the implications for cryptocurrency investors and the broader digital asset market remain to be seen, especially in a landscape where regulatory scrutiny is increasing across Europe.
The post Italy set to raise Bitcoin capital gains tax to 42% appeared first on CoinJournal.
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