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Italy Set to Scale Back Planned Tax Hike on Crypto Capital Gains: Reuters

The tax increase will be significantly reduced during parliamentary work, lawmakers said.

Dec 11, 2024, 10:29 a.m.
Italian flag and trees.
(Tanya Lapko / Unsplash)

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.

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"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.

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