The Italian government is reportedly advancing a proposal to reduce the planned increase in crypto capital gains tax to 28%, a move anticipated to support investor interest. The League, a key member of Prime Minister Giorgia Meloni’s coalition, has submitted an amendment to cap the proposed tax rate at 28% rather than the initially suggested 42% outlined in the October budget draft.

Italian Government Cuts Proposed Crypto Tax to 28% From 42%

According to sources, Prime Minister Giorgia Meloni’s administration is likely to back the League’s amendment, which could mark a shift toward more favorable crypto policies in Italy. The initial proposal to raise the tax rate to 42% was part of a broader economic plan aimed at increasing revenue for the 2025 budget.

However, industry representatives expressed concerns that such a high rate would make Italy less attractive for cryptocurrency-related activities and investments.

The League’s amendment suggests a compromise, setting the tax rate at 28%, which would still be above the current 26% but considerably lower than the initially planned 42%. Sources close to the government have noted that further adjustments to the proposal are still possible before it receives final approval.

 

This is a developing story, please check back for more.

The post Just In: Italy Cuts Crypto Tax To 28% Sparking Optimism For Investors appeared first on CoinGape.

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Filed under: News - @ November 12, 2024 6:27 pm