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Intesa Sanpaolo, Italy's largest banking group, has made headlines by purchasing 11 Bitcoins for approximately $1 million, marking a significant step in the country's crypto landscape. This investment follows a leaked internal email and comes amid a government announcement to increase the capital gains tax on cryptocurrencies from 26% to 42%. The bank's move reflects growing institutional interest in digital assets, as it continues to explore blockchain opportunities and expand its trading division to include cryptocurrency spot trading.
The government is advancing its maneuver to reduce Irpef taxes for the middle class, particularly targeting incomes between 50,000 and 60,000 euros, which were excluded from last year's reforms. An amendment allows regions to use unspent Covid funds to address healthcare waiting lists, while 343 million euros will bolster State Highways. With over 4,500 amendments filed, the House Budget Committee aims to narrow them down to 600, hoping to finalize the maneuver in the Senate before Christmas.
In 2025, minimum pensions will increase by 2.2%, followed by a 1.3% rise in 2026, bringing the amount to €617.9 from €614.77. The government, represented by Deputy Economy Minister Maurizio Leo, has stated that it cannot extend the October 31 deadline for the two-year composition agreement due to budget constraints.
The 2025 budget maneuver allocates 1.3 billion euros for healthcare, which unions deem insufficient, prompting a national strike on November 20. While the plan includes modest increases for medical professionals and families, significant cuts to ministries and a cap on high-income deductions raise concerns about the impact on public services and social welfare.
Starting in 2025, Italy will mandate credit card payments for various tax deductions to combat tax evasion. This initiative will expand traceable payment requirements to most deductible expenses, including business representation costs, and will enhance transparency through digital delivery notes and electronic receipts. Despite recent improvements, Italy continues to face significant challenges with tax evasion, particularly in VAT and income taxes.
Doubts about growth prospects persist, with tax revisions potentially slowing consumption and significant cuts to local authorities deemed unsustainable. The 2025 financial maneuver introduces a family quotient for tax deductions, favoring larger families with lower incomes, while also providing a 1,000-euro card for new parents and extending parental leave benefits. However, concerns remain about the impact of restrictive measures on household consumption, which is projected to grow only modestly.
Sogei, the IT company controlled by Italy's Ministry of Economy, is crucial for managing taxpayer data, including electronic billing and health records. Recently, investigations into bribery and tender irregularities have implicated 32 individuals and companies linked to Sogei's contracts with various ministries. The company maintains its innocence and supports the judiciary's inquiries.
Maurizio Leo
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