Key Takeaways:
- Italy’s government is considering a moderated 28% capital gains tax on cryptocurrency, down from the previously proposed 42%.
- The 28% tax proposal will replace a 26% rate introduced in early 2023, pending legislative approval.
- Some Italian lawmakers continue to express opposition, arguing for more discussion on crypto taxation.
Italy is considering a moderated 28% tax rate on cryptocurrency gains, a significant reduction from the initially proposed 42% rate.
This proposal, supported by Italian Prime Minister Giorgia Meloni and Minister of Economy and Finance Giancarlo Giorgetti, follows recent discussions aiming to revise Italy’s approach to crypto taxation.
Italy's government is poised to water down a proposed tax increase on crypto trades, sources say https://t.co/W6ieKjwN1E
— Bloomberg Crypto (@crypto) November 12, 2024
The current proposal represents a shift from the 26% capital gains tax established earlier this year on crypto transactions over 2,000 euros.
While the 42% rate was projected to bring in around $18 million annually, the revised 28% rate will likely generate less revenue.
The proposed rate adjustment follows gains in crypto prices, possibly influenced by recent U.S. elections that favored pro-crypto policymakers.
The 28% rate proposal will need legislative review and approval before it becomes law.
Some Italian lawmakers, like Giulio Centemero, have voiced concerns about taxing crypto assets and advocated for more discussion on the matter.
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