30s Summary

Italy is considering increasing the tax on Bitcoin profits from 26% to 42%, asserts Deputy Economy Minister Maurizio Leo. The proposed hike forms part of Italy’s newly approved budget, which seeks to dismiss the €750,000 cap on web tax revenues, and further imposes a 3% tax on earnings from digital companies earning €750 million, of which at least €5.5 million needs to be generated in Italy.

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Italy is thinking about hiking up the tax on Bitcoin profits from 26% to 42%, says Maurizio Leo, the country’s Deputy Economy Minister. He shared this during a press briefing at Palazzo Chigi on Oct. 16 about Italy’s newly approved budget by the Council of Ministers.

According to the new budget, the tax for profits made from Bitcoin should go up to 42%, says the minister. The budget also looks at removing the web tax limit of 750,000 euros ($817,000). Leo said, “We’re working to get rid of the 750 million euro cap on web tax revenues, and the 5 million portion made in Italy, which means we’re taking out the limits.”

This move to lift the web tax cap follows Italy’s 2019 budget. This budget brought in a 3% tax on earnings from online sales for digital companies pulling in at least 750 million euros. Out of this, at least 5.5 million needs to be made in Italy.

This story is still unfolding, and more details will be shared when they’re available.

Source: Cointelegraph