Italy scales back plans to hike crypto tax rate: Report
A Bloomberg report suggested Italian Prime Minister Giorgia Meloni could accept a proposal for a 28% tax hike on crypto rather than a 42% one.
The Italian government reportedly plans to raise the country’s capital gains tax on cryptocurrencies to 28% instead of 42%.
According to a Nov. 12 Bloomberg report citing people with knowledge of the matter, Italy’s government under Prime Minister Giorgia Meloni plans to accept a proposed 28% tax hike on crypto — an increase of only 2% rather than the 26% initially reported. Giancarlo Giorgetti, the Italian Minister of Economy and Finance, defended the proposed tax hike as recently as Oct. 31.
It was unclear what may have led the Italian government to scale back their plans to tax crypto. The price of many cryptocurrencies has surged following a United States election in which many lawmakers who claimed to favor digital asset policies won their respective races.
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Author: Turner Wright
