The Italian government will increase the tax on cryptocurrency transactions from the current 26 to 42 percent from next year. According to APA news agency, this was stated by Deputy Economy Minister Maurizio Leo. Rome needs to fill its empty treasury. As before, those who earn less than 2,000 euros a year on bitcoin and other digital currencies will not have to pay the tax.
Involvement in the budget
The number of people investing in cryptocurrencies more than doubled in Italy between 2022 and 2024, reaching 18 percent. The increased taxation of bitcoins is one of many measures in the 2025 budget proposal presented on Tuesday by the government led by Prime Minister Giorgia Meloni. The draft budget includes measures worth a total of 30 billion euros.
The government wants to raise more than 3.5 billion euros next year through a special tax on insurance companies and banks. The new tax is expected to raise EUR 2.5 billion from banks and around EUR 1 billion from insurance companies. For example, tax breaks for low-income families are planned.
The definition is still unclear
Deputy Leo said on Wednesday that life insurance companies would be exempt from the tax. Finance Minister Giancarlo Giorgetti told reporters that some are talking about a tax on excess profits, others about a contribution.
“I call it a sacrifice,” the government member said. He said banks, insurance companies and ministries must sacrifice. The amounts they divert to the state should go “into the health care system”, Giorgetti said.
Source: Czech Press Office
