As Italy considered increasing its crypto capital gains tax to 42%, the hike was reconsidered. Thus, this tax should increase to 28%.
Italy could raise its crypto taxes less sharply than expected
Last month, Italy made headlines by considering taxation of capital gains in cryptocurrencies at 42%a proposal supported by the Deputy Minister of Economy and Finance Maurizio Leo, as part of the preparation of the 2025 budget.
With such a scenario, the attractiveness of Italy would be significantly degraded, given that these same capital gains are taxed at 26% at present. However, this increase could ultimately be revised “only” by 2 points, to 28%. In any case, this is what an amendment from the political party League proposes, and which should be accepted by Prime Minister Giorgia Meloni, according to Bloomberg.
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For Paolo Barelli, the president of Forza Italia in the Chamber of Deputies, an increase to 42% would not have made sense :
Going from 26% to 42% has a reason that is not understandable to anyone, whether an ordinary citizen or a big investor.
For his part, Finance Minister Giancarlo Giorgetti said he was open to several alternatives last week:
I'm willing to consider different forms of taxation depending on how long the investment has been in the portfolio.
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These discussions take place in a context where Italy is seeking solutions to consolidate its finances. In 2023, its debt ratio stood at nearly 135% of its GDP.
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Source: Bloomberg
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