Italy will raise the tax to 42% from 26% as part of plans to raise more revenues in the 2025 budget, according to Deputy Economy Minister Maurizio Leo.
Prime Minister Giorgia Meloni’s cabinet made the move given the “phenomenon is spreading,” Maurizio Leo said during a conference call on Wednesday in reference to bitcoin.
According to the data from Tax Foundation Europe, the capital gains tax rate in Germany is 26.4%, and in Spain, it is 28%. The 42% turns out to be the highest European taxation, currently applied only by Denmark. In France it is 34%, in Great Britain it is 20%, and in Switzerland it turns out to be 0%. Besides Denmark, there is no European State where it is greater than 40%, so much so that currently the second is Norway with 37.8%, and the third is precisely France with 34%, equal to Finland.
Italy’s announcement comes as the European Union is preparing to fully implement the bloc’s sweeping crypto regulations, a package known as MiCA, at the end of this year.