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Italy seeks to raise 68 mln euros from tougher web tax, cryptocurrency capital gains
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Italy seeks to raise 68 mln euros from tougher web tax, cryptocurrency capital gains
Oct 23, 2024 8:00 AM

ROME, Oct 23 (Reuters) - Italy plans to collect around

68 million euros ($73.28 million) from tougher terms for its

domestic web tax and higher taxation on cryptocurrency capital

gains, Rome's 2025 budget showed.

In 2019, Italy introduced a 3% levy on revenue from internet

transactions for digital companies with sales of at least 750

million euros, at least 5.5 million of which are made in Italy.

But the budget removes these minimum conditions necessary

for the tax to be applied, in a move expected to bring in an

additional 51.6 million euros on top of the current take-up

worth 400 million.

Although the revenue is not significant, the reviewed web

tax could trigger retaliation from the United States, Reuters

previously reported.

Washington has threatened tariffs over unilateral digital

taxes in Europe such as the Italian levy, which applies to Meta

Platforms Inc ( META ), Google and Amazon ( AMZN ).

Italy also aims to collect an additional 16.7 million euros

by hiking a tax on capital gains from cryptocurrency such as

Bitcoin to 42% from 26%.

($1 = 0.9279 euros)

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