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Italy Announces Capital Gains Tax on Cryptocurrencies in 2023 Budget

Published 12/01/2022, 02:28 AM
Updated 12/01/2022, 02:30 AM
Italy Announces Capital Gains Tax on Cryptocurrencies in 2023 Budget

  • Italy plans to implement 26% capital gains on Crypto profits.
  • Regulators aim to encourage crypto asset reporting.
  • The move follows Portugal’s implementation of a similar tax slab on crypto.

Reports indicate that beginning in 2023, Italy intends to impose a capital gains tax on digital assets in an effort to increase its regulatory foothold in the cryptocurrency industry. Capital gains on digital asset trading of more than 2,000 euros would be taxed at 26%, as stipulated in the country’s budget plans for 2023.

The bill aims to increase transparency in the system by having citizens report their digital asset ownership. As such, under the proposal of Prime Minister Giorgia Meloni’s cabinet, taxpayers would be able to report the value of their assets as of January 1, 2023, for a 14% tax.

The proposed legislation includes transparency requirements and a stamp duty that applies to digital currencies. However, the bill is still subject to change in the parliament.

Italy’s move follows its European neighbor Portugal, which suggested a 28% tax on capital gains from cryptocurrency retained for less than a year in October of this year. It also suggested stamp duties on fees imposed by intermediaries in the cryptocurrency sector and a tax of 4% on the free transfer of c ...

The post Italy Announces Capital Gains Tax on Cryptocurrencies in 2023 Budget appeared first on Coin Edition.

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