Italy’s Planned Capital Gains Tax on Crypto Investments Is Likely to Be Cut: Reuters
The tax increase will be significantly reduced during parliamentary work, lawmakers said.
What to know:
- The Italian parliament is likely to trim the government's planned tax increase on crypto capital gains.
- In October, the government said it would raise the tax to 42% from 26%.
Italy is set to trim its planned tax increase on crypto capital gains, Reuters reported on Tuesday.
Two months ago, the government was intent on raising the tax to 42% from 26% by the end of December.
"The tax increase will be significantly reduced during the parliamentary work," lawmakers Giulio Centemero and Federico Freni, a junior minister at the Treasury, said in a statement according to Reuters.
The decision to increase the capital gains tax was inspired by the rising popularity of investments in crypto, especially bitcoin, which climbed above $100,000 last week. The “phenomenon is spreading," Deputy Finance Minister Maurizio Leo told Bloomberg in October after announcing the news.
CoinDesk reached out to Centemero and Freni for a comment.
