Italy mulls raising Bitcoin capital gains tax above 40% as crypto gaining momentum: report
Italy is considering raising its capital gains tax on crypto to 42% as part of efforts to reduce the fiscal deficit.
Bitcoin (BTC) holders could soon face nearly two-fold tax increase in Italy, as the government plans to raise the capital gains tax on crypto from 26% to 42%, Bloomberg reports.
During a conference call on Wednesday, Italy’s deputy finance minister Maurizio Leo noted that the government is responding to the rapid growth of crypto usage, stating that the phenomenon is “spreading” quickly. The report did not provide a timeline though for when the new tax might be implemented though.
Italy is not alone in its approach to crypto taxation. Other nations, like India, have also grappled with similar issues, resulting in…
