Italy Plans to Lower Crypto Tax from 42% to 28%

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by Giorgi Kostiuk

2 years ago

The Italian government led by Giorgia Meloni might approve a proposal to reduce the planned tax hike on cryptocurrency trades, suggested by a coalition partner.

Proposal to Lower Tax

The League, a junior partner in Meloni’s coalition, suggested reducing the tax increase to 28% from the originally proposed 42%. This follows concerns that the hike could affect Italy’s competitiveness in the EU. The current tax rate is 26%.

Criticism from Crypto Industry

Crypto industry leaders argue that the original tax hike is too high and could damage Italy's competitiveness. The EU is preparing to introduce its first comprehensive crypto regulations, known as the 'Markets in Cryptoassets' (MiCA), by the end of the year.

Prospects of Tax Plan Changes

The government is likely to support the League’s proposal, but no final decision has been made. Finance Minister Giancarlo Giorgetti is considering alternative tax structures based on how long investments are held. However, changes could still occur according to anonymous sources.

Italy is taking steps to adjust its tax plan to strengthen public finances amid the reintroduction of EU fiscal rules.

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