✨ Crypto Tax Cut Incoming? Italy Rethinks 42% Hike to Just 28%
posted 13 Nov 2024
The Italian government, led by Giorgia Meloni, is likely to reconsider its proposed cryptocurrency tax hike in next year’s budget, potentially reducing it from 42% to 28%. Currently, the tax rate stands at 26%.
The amendment was proposed by the coalition party League, which cited the excessive burden on cryptocurrency companies. Lawmakers fear this increase could weaken Italy's competitiveness and investment appeal compared to other European countries.
I am willing to consider different forms of taxation based on how long the investment has been in the portfolio,said Finance Minister Giancarlo Giorgetti.
This proposal also includes forming a special task force with representatives from the crypto industry and civic groups. The task force aims to educate citizens and investors about digital assets, with the goal of accelerating the growth of Italy's cryptocurrency sector.
Meanwhile, Forza Italia, another coalition party, has suggested abandoning the tax hike altogether and exempting profits below 2,000 euros. Party leader Paolo Barelli points out that nearly doubling the cryptocurrency tax has caused confusion among citizens and local investors.
It’s worth noting that imposing or raising taxes on cryptocurrency transactions is becoming more common worldwide. However, this often backfires, with users moving to decentralized platforms or offshore entities, ultimately reducing tax revenue.
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