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Italian Government Revises Proposed Crypto Tax Increase from 42% to 28%

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Italian Government Revises Proposed Crypto Tax Increase from 42% to 28%

  • Italy cuts proposed crypto tax rate from 42% to 28%, aiming to support digital asset growth.
  • Coalition proposes crypto tax reform, seeking a balanced approach for investment appeal and revenue.
  • New crypto policy may include education and transparency initiatives to guide investors effectively.

The Italian government plans to revise its proposed tax on cryptocurrency gains, lowering it to 28% from an initial suggestion of 42%. This development follows concerns from industry leaders and policymakers, who argue the higher rate could hinder Italy's growing digital asset sector.

https://twitter.com/WatcherGuru/status/1856397510593466770

The administration of Prime Minister Giorgia Meloni is anticipated to back this amendment, designed to establish a more equitable tax landscape for cryptocurrency investors. 

Industry Feedback Influences Tax Adjustment

That initial 42% tax proposal was one of several elements in a wider fiscal strategy to increase government revenue for the 2025 budget. However, several voices within the cryptocurrency industry cautioned that such a high rate could scare away investment in Italy. 

They emphasized that a lower tax could ensure Italy remains competitive in the global digital asset market.

Compromise Aims to Boost Crypto Appeal

The League, a leading party in Meloni's coalition, pushed the amendment to cap the rate at 28%. The adjusted figure still represents a moderate increase from the current 26% rate. However, it is considerably lower than the originally proposed 42%. 

Forza Italia, another coalition party, has also proposed additional changes, including a call to remove the tax increase entirely and revoke tax exemptions on gains under €2,000. These proposals reflect a broader commitment within the coalition to support digital asset growth and stability in Italy.

Future Crypto Policy Adjustments Under Consideration

Besides the tax adjustment, the League’s proposal includes forming a permanent working group. This group, comprising representatives from crypto firms and consumer organizations, would work to educate investors and promote transparency in crypto-related taxes. 

Finance Minister Giancarlo Giorgetti also suggested the possibility of flexible taxation based on the duration of asset holdings, which could offer investors additional benefits for long-term investments.

These steps indicate a balanced approach to cryptocurrency taxation, aiming to attract investment while generating revenue. Italian lawmakers are expected to review and finalize the proposal, potentially positioning Italy as a more favorable destination for crypto investments in the European Union.

The post Italian Government Revises Proposed Crypto Tax Increase from 42% to 28% appeared first on Crypto News Land.


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