Wednesday, March 29, 2023

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Italy’s parliament approves a 26% tax on crypto profits in the 2023 budget

According to the new budget approved by the Italian Parliament, last Thursday, December 30, cryptocurrency traders in Italy will be subject to the 26% crypto profits tax that was proposed at the beginning of last month, starting from the beginning of 2023.

Italian parliament approves 26% tax on cryptocurrency profits

In order to help companies and individuals dealing with energy shortages, Italian Prime Minister Giorgia Meloni’s stimulus budget for 2023 includes tax cuts worth 21 billion euros ($22.3 billion). The proposal was hastily finalized before the end of 2022.

The legality of cryptocurrency in the country

The 387-page budget legitimized digital assets in Rome, where they are still mostly uncensored, by describing them as a digital representation of value or rights, which can be exchanged and held electronically, using distributed ledger technology or similar technologies.

Alternative income tax for investors

Prior to the adoption of the Markets in Crypto Assets Act (MiCA), which guarantees the licensing structure and necessary corporate standards for operators of crypto services in the 27-member bloc, Italy decided to introduce a capital gains tax on cryptocurrencies.

If gains from cryptocurrency trading reach €2,000 per tax period, they are subject to a tax rate of 26%. The new legislation also provides for an alternative income tax for investors, set at 14% of the value of securities held as of today, Sunday, January 1, 2023, instead of the cost at the point of acquisition, as an incentive to disclose cryptocurrency profits in Italy.

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