Italian authorities introduced a 26% tax on profits from cryptocurrency trading

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The Italian parliament has passed a bill to tax cryptocurrency traders. Now traders will pay 26% from the profits received from trading digital assets.

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Italy is facing a massive economic crisis. The budget for 2023 was drawn up with a deficit of 4.5% of GDP, while in September the deficit was forecast at 3.4%. Therefore, it is not surprising that the authorities are looking for any ways to replenish the budget, including with the help of the cryptocurrency industry.

In addition to taxing cryptocurrency trading, there were many different measures in the budget to increase economic stability. Italian Economy Minister Giancarlo Giorgetti said his “mission was accomplished” after the budget was signed.

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The Italian authorities stressed that there is simply no other way to maintain economic stability amid the global crisis. At the same time, it is not yet clear how much money the Italian government hopes to receive from cryptocurrency traders.

Plans to introduce a tax on profits from cryptocurrency trading in Italy became known in early December.

Source: Bits

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