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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.
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.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
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A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
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