Italy intends to increase its tax on Bitcoin and other cryptocurrency profits to 42% in 2025, according to a local publication.
This significant tax hike was announced by the Vice Economy Minister, Maurizio Leo, during a press conference discussing the country's upcoming budget.
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The proposed tax increase, from the current 26% to 42%, is part of a broader effort to generate additional revenue to support families, young people and businesses.
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This decision is a change from the previous classification of cryptocurrencies as foreign currency, which resulted in lower tax rates.