Italy to Raise Capital Gains Tax on Crypto to 42% From 26%: Reports
The price of bitcoin (BTC) remained unaffected by the development, rising above $68,000 for the first time since late July.
Updated Oct 16, 2024, 2:35 p.m. Published Oct 16, 2024, 2:32 p.m.
Italy's Deputy Finance Minister, Maurizio Leo, said the government will raise taxes on capital gains on cryptocurrencies such as bitcoin to 42% from 26%, according to Reuters and Bloomberg.
The Italian cabinet made the decision because the “phenomenon is spreading," Leo said of bitcoin during a conference call Wednesday, according to Bloomberg.
The move comes as Italy decided to strengthen its digital services tax as part of plans to raise more revenues in the 2025 budget.
The price of bitcoin (BTC) remained unaffected by the development, extending its week-over-week gain to more than 12%, rising above $68,000 for the first time since late July.
Read More: Here’s How EU Nations Are Preparing to Enforce MiCA
Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
