2024-12-11 22:24 |
Italy drops plans to raise crypto tax from 26% to 42% after industry opposition. Lawmakers propose capping the tax at 28% or maintaining the current 26% rate. Progressive taxation and exemptions aim to protect small investors and boost crypto.
Italy has decided to abandon a controversial proposal to raise the tax on cryptocurrency capital gains from 26% to 42%, following significant industry opposition and political disagreements.
The initial plan, introduced by Economy Minister Giancarlo Giorgetti, aimed to increase government revenues to fund socio-economic programs. However, it met resistance from lawmakers, industry stakeholders, and members of the ruling League party, prompting a reassessment of the measure.
Crypto capital gains tax in the revised 2025 Italy budgetAccording to sources familiar with the development, instead of the sharp hike, Italian lawmakers have proposed a more moderate increase, capping the tax rate at 28%. Others suggest maintaining the current 26% rate to avoid disrupting the growing crypto sector.
The revised tax plans form part of the 2025 budget, which must gain parliamentary approval by the end of December.
League lawmaker Giulio Centemero and Treasury Junior Minister Federico Freni were among those pushing for a softer approach. Both argued that an excessive tax increase could drive cryptocurrency trading underground, harming both investors and the broader economy. “No more prejudice about cryptocurrencies,” the lawmakers emphasized, highlighting the importance of fostering a supportive environment for the digital asset industry.
To further encourage innovation while addressing fiscal concerns, lawmakers have also proposed implementing progressive taxation and raising exemption thresholds to protect smaller investors. These measures aim to create a balanced regulatory framework that promotes investment in digital assets without stifling economic growth.
The tax debate in Italy mirrors broader global trends as nations seek to regulate and tax cryptocurrencies. For instance, Russia imposes a 13%-15% income tax on crypto sales, while exempting mining operations from VAT.
The Czech Republic has also introduced reforms exempting long-term crypto holdings from capital gains tax, encouraging digital asset investments.
Italy’s recalibrated approach signals an intent to align with these international practices while mitigating risks to its domestic economy. By rethinking its stance, Italy seeks to strike a balance between fiscal responsibility and fostering a competitive digital economy.
The post Italy will drop plans to increase tax on crypto capital gains appeared first on CoinJournal.
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