Italian authorities plan to increase the tax on cryptocurrency income to 42%
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Johny Smith
2024/10/23
3 mins read
Italy is set to significantly increase its capital gains tax on profits from Bitcoin (BTC) and other cryptocurrency assets. This figure will rise to 42%, according to a statement by Vice Minister of Economy Maurizio Leo at a press conference on the country’s 2025 budget. This change follows the decision to introduce a tax on cryptocurrency income over €2,000, which will be 26% from 2023. The move is aimed at replenishing the budget to support families, youth and businesses.
The increase in fees on cryptocurrencies in Italy reflects a global trend towards stricter taxation of digital assets. A similar move could be taken in the UK, where an increase in capital gains tax from 20% to 39% is being discussed.
The main reason for tightening policy is the desire of governments to compensate for budget deficits from new sources. In Italy, new measures are caused by the need to support the economy in the face of inflation and rising government spending. At the same time, Prime Minister Giorgia Meloni said that the tax increase would not affect the majority of citizens and would not become widespread.
According to her, €3.5 billion, collected through taxes on banks and insurance companies, will be used for health care and assistance to vulnerable segments of the population.
For investors and cryptocurrency holders, such changes can be a serious factor in revising their strategies. Given that digital assets were previously classified as foreign currency with lower tax rates, the new taxation could reduce the attractiveness of cryptocurrencies for long-term investment in Italy.
These changes show that the European government is committed to combating tax evasion and redistributing financial resources to support the economy. However, this move significantly increases pressure on the crypto sector, which is attracting more and more attention from regulators around the world.
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