Italy Reveals 62% Increase in Bitcoin Capital Gains Tax

WikiBit 2024-10-18 03:41

The Italian government has proposed a capital gains tax jump on Bitcoin and other crypto assets, rising from 26% to 42%.

The Italian government has announced plans to raise the tax rate on capital gains from Bitcoin and other cryptocurrencies from 26% to 42%. Thats a nearly 62% increase from the current rate.

Local financial news outlet Il Sole 24 Ore reported that Deputy Minister of Economy Maurizio Leo disclosed the move during a press conference on the 2025 budget. The measure is part of a broader effort to generate additional revenue to support families, young people, and businesses.

Italian taxpayers are expected to include their crypto holdings in the “Redditi Persone Fisiche” form and clearly state the capital gains made through their sales or other gains—presumably staking rewards. Italian citizens are also expected to list their crypto holdings in the 730 form, in the section dedicated to foreign financial activities.

The latest development in Italy‘s approach to cryptocurrency follows a consortium of companies receiving support in 2023 from a research hub backed by Italy’s central bank to develop a system based on Ethereum scaling network Polygon. That initiative was focused on developing the “Institutional DeFi for Security Token” ecosystem.

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