As a seasoned crypto investor with a penchant for navigating the digital financial landscape, this news from Italy has piqued my interest. Having witnessed fluctuations and evolutions in various tax jurisdictions across the globe, I can’t help but feel a twinge of déjà vu upon hearing about the potential 42% capital gains tax hike on Bitcoin investments.
According to Deputy Economy Minister Maurizio Leo, there are plans under consideration by the Italian government to raise the tax rate on profits gained from investing in Bitcoin (BTC) from 26% to 42%.
At Palazzo Chigi, on October 16, Leo made comments about Italy’s freshly-approved budget bill during a press briefing.
As per the proposed budget legislation, the tax rate for Bitcoin capital gains is planned to increase to 42%. This was clarified by the minister. Furthermore, he added that this bill aims to eliminate the web tax exemption threshold currently set at €750,000 ($817,000).
“On web tax revenues we are working to eliminate the ceiling of 750 million euros and the part produced in Italy relating to 5 million, therefore we are eliminating the thresholds.”
After the 2019 Italian budget implementation, there was a decision to eliminate the web tax threshold. This change came about due to the introduction of a 3% levy on internet transaction revenues for digital companies that make over 750 million euros globally and at least 5.5 million euros specifically within Italy.
This is a developing story, and further information will be added as it becomes available.
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2024-10-16 14:35