Italy Eyes Dramatic Hike in Bitcoin Capital Gains Tax to 42%
Italy's government is considering a substantial rise in the capital gains tax on Bitcoin investments, proposing an increase from 26% to 42%, as announced by Deputy Economy Minister Maurizio Leo.
This discussion took place during a press conference on October 16 regarding the recently approved budget bill by the Council of Ministers.
Leo emphasized that the proposed budget would raise the withholding tax on Bitcoin profits significantly. In addition, it aims to eliminate the existing revenue thresholds for the Digital Services Tax (DST), which applies to companies with revenue above 750 million euros (about $817 million) and 5.5 million euros ($5.9 million) from digital services in Italy.
READ MORE: Tether Explores Lending Opportunities in Commodity Trading Sector
The government’s budget plan, which totals 30 billion euros ($33 billion) for 2025, includes a levy on banks and insurance firms to help fund public services and assist vulnerable citizens. Prime Minister Giorgia Meloni assured on October 15 that no new taxes will be imposed on citizens, as the raised capital will focus on enhancing healthcare services.
This potential tax change follows the Italian Senate’s decision in late 2022 to increase the capital gains tax on cryptocurrency trading over 2,000 euros to 26% as part of the 2023 budget. The new budget measures will still need approval from the Italian parliament, with a final vote expected by year-end.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
