{"id":588214,"date":"2024-10-17T10:01:33","date_gmt":"2024-10-17T10:01:33","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=588214"},"modified":"2024-10-17T10:01:33","modified_gmt":"2024-10-17T10:01:33","slug":"italy-to-hammer-bitcoin-profits-by-hiking-capital-gains-tax-on-cryptocurrencies-to-42","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/italy-to-hammer-bitcoin-profits-by-hiking-capital-gains-tax-on-cryptocurrencies-to-42","title":{"rendered":"Italy To Hammer Bitcoin Profits By Hiking Capital Gains Tax On Cryptocurrencies To 42%"},"content":{"rendered":"

The Italian government has proposed hiking capital gains tax on Bitcoin and other cryptocurrency profits to 42% from 26% in a move that shocked local investors. <\/span><\/p>\n

The government <\/span>announced<\/span> the tax hike as a part of its 2025 budget proposal to generate extra revenue to support public services. Deputy Minister Maurizio Leo told a press conference that it is needed to address the country’s budget shortfalls.<\/span><\/p>\n

Crypto Capital Gains Tax Would Be One Of The Highest In Europe<\/b><\/h2>\n

If implemented, the tax would be one of the highest in Europe on crypto profits, and it prompted harsh criticism from the community on social media platforms.<\/span><\/p>\n

“It’s a death move to increase taxes as that only serves to detract wealth and new ideas,” said macro trader and investor Jason Pizzino on X. “Italy is a dying state.”<\/p>\n

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Italy is a dying state. It's a beautiful IRL museum to visit as a tourist. Note that I am an Italian citizen. I love the place. But no one cares if they raise taxes on Bitcoin because the nett wealth is leaving Italy not going to it. It's a death move to increase taxes as that… https:\/\/t.co\/9PCir8uvRq<\/a><\/p>\n

— Jason Pizzino 🌞 (@jasonpizzino) October 16, 2024<\/a><\/p><\/blockquote>\n