PANews, November 1 - According to Cointelegraph, during the World Savings Day event on October 31, Italian Minister of Economy and Finance Giancarlo Giorgetti rebutted criticisms of the plan to raise Italy's capital gains tax on cryptocurrencies like Bitcoin to 42%, stating that digital assets carry 'very high risks', highlighting the necessity of collecting additional taxes.
Previously, the Italian Council of Ministers approved a budget bill to increase the withholding tax on Bitcoin from 26% to 42%. Italian MP Giulio Centemero posted on social media that taxing cryptocurrencies would be 'counterproductive' and called for further discussion among legislators. According to this budget proposal, the Italian government hopes to increase annual revenue by approximately $18 million after raising the cryptocurrency tax rate.
