tl;dr
Italy intends to increase the capital gains tax on Bitcoin from 26% to 42%. The proposed rise has sparked backlash from investors and industry advocates, who criticize the move as short-sighted and likely to drive investors away. In contrast, the United Arab Emirates is exempting digital asset trans...
Italy intends to increase the capital gains tax on Bitcoin from 26% to 42%. Italy's proposed tax hike on cryptocurrencies faces backlash and criticism from investors and industry advocates, risking driving investors away. UAE exempts digital asset transactions from its 5% value-added tax (VAT) to position itself as a crypto-friendly jurisdiction. Chayanika Deka, a financial journalist, focuses on regulatory implications and technological evolution in the crypto realm. Various articles comparing different cryptocurrencies and wallet options are available on CryptoPotato. Italy intends to increase the capital gains tax on Bitcoin from 26% to 42%. The proposed rise has sparked backlash from investors and industry advocates, who criticize the move as short-sighted and likely to drive investors away. In contrast, the United Arab Emirates is exempting digital asset transactions from its 5% value-added tax (VAT) to position itself as a crypto-friendly jurisdiction. Italy intends to increase the capital gains tax on Bitcoin from 26% to 42%. During a news conference at Palazzo Chigi on October 16, Deputy Finance Minister Maurizio Leo discussed the country’s new budget bill, which has been approved by the Council of Ministers. He noted that Prime Minister Giorgia Meloni’s cabinet took this step in response to the growing popularity of Bitcoin. ITALY’S CRYPTO TAX HIKE The proposed rise in tax rates could place Italy among the top countries in terms of cryptocurrency taxation worldwide. The latest decision has sparked a significant backlash from both investors and industry advocates. Many have even ridiculed the Italian government for its proposed tax increase on cryptocurrencies, arguing that the rationale of taxing heavily simply because these assets have gained popularity is both absurd and short-sighted. One user said, "Italy is in collapse. How can we encourage the proliferation of new realities like bitcoin and crypto? Raising the already ridiculous 26% tax up to 42%. If you think about coming to live in Italy, please don’t do it. Every day that passes I always find one more reason to leave." Critics also pointed out that this approach not only reflects a lack of understanding of the evolving crypto industry but also risks driving investors away. As the tax burden intensifies, crypto players may seek to relocate or explore alternative investment opportunities in friendlier jurisdictions, potentially stifling innovation and investment within Italy. The Italian government had previously introduced a 26% tax rate on profits from crypto trading in December 2022 for local investors who exceed earnings of €2,000 annually. However, individuals who earn less than this threshold from trading Bitcoin or altcoins were exempted from the proposed tax legislation. UAE’S CONTRASTING APPROACH As Italy moves to increase its crypto tax, the United Arab Emirates (UAE) is taking a very different approach. In fact, the UAE has decided to exempt digital asset transactions from its 5% value-added tax (VAT) in a bid to position itself as a crypto-friendly jurisdiction. According to an official document, this change will take effect on November 15, 2024, and will be applied retroactively to transactions dating back to January 1, 2018. As such, all crypto-related activities, including transfers and conversions, will no longer be liable for VAT in the UAE. SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details). LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free! Tags: Italy Taxation Enjoy reading? Share with your friends Facebook Twitter LinkedIn Telegram ABOUT THE AUTHOR Chayanika Deka Chayanika has been working as a financial journalist for five years. A graduate in Political Science and Journalism, her interest lies in regulatory implications with a focus on technological evolution in the crypto realm. Contact: Linkedin JOIN OUR COMMUNITY Facebook X YouTube Telegram EDITORIALS Ethereum V. Solana: An In-Depth Comparison ETHEREUM V. SOLANA: AN IN-DEPTH COMPARISON CryptoPotato Profiles: Who is Changpeng Zhao, the Mastermind Behind Binance CRYPTOPOTATO PROFILES: WHO IS CHANGPENG ZHAO, THE MASTERMIND BEHIND BINANCE CryptoPotato Profiles: Who is Pavel Durov, the Man Behind Telegram CRYPTOPOTATO PROFILES: WHO IS PAVEL DUROV, THE MAN BEHIND TELEGRAM Top 10 Best Base Wallets to Consider in 2024 TOP 10 BEST BASE WALLETS TO CONSIDER IN 2024 Best Desktop Crypto Wallets in 2024: Top 11 Picks BEST DESKTOP CRYPTO WALLETS IN 2024: TOP 11
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