Italy's 2025 budget passed by parliament, cryptocurrency tax rate adjusted

Italy's parliament gave final approval to the 2025 budget just days before a year-end deadline, an important victory for Prime Minister Meroni. Meroni and his finance minister, Giorgetti, worked together on a package of tax cuts designed to win voter support while abiding by EU fiscal rules. The government plans to reduce the national deficit to 3.3% of GDP next year and below the EU's 3% cap in 2026. Among the last-minute tweaks to the budget was the decision to maintain the cryptocurrency tax rate at 26% in 2025 and increase it to 33% in 2026, instead of the initially proposed 42%. The Italian prime minister's promise to cut taxes for middle- and low-income groups helped consolidate his position in power, but it also means a slower return to fiscal soundness by EU standards. (Jinshi)