Italy’s new government expects 26% A tax on capital gains from crypto trading, according to the budget proposal. The center-right coalition in power is also preparing to require an Italian citizen to declare and pay her 14% of her holdings in digital assets.
Italian government seeks to capitalize on cryptocurrency gains
Rome authorities poised to expand and tighten regulations on disclosure and taxation of digital assets It seems The change could come with her 2023 budget for Italy, which targets cryptocurrency wealth and profits from trading.
A provision in the budget proposed by the right-wing government led by Prime Minister Giorgia Meloni extends his 26% tax on capital gains above the €2,000 (about $2,080) threshold to crypto assets. Yes, Bloomberg reports.
The ruling coalition, elected in late September, is offering taxpayers the option to declare the value of digital assets as of 1 January 2023 and tax them at a rate of 14%. . The goal is to stimulate Italian taxpayers to disclose their holdings on their tax returns.
Under current tax law, digital currencies and tokens are treated as foreign currency in Italy, reducing taxation. The bill, which may be amended by Congress, introduces disclosure requirements and extends the stamp duty to cryptocurrencies.
Some 1.3 million Italians (her 2.3% of the country’s population) own crypto assets, the report notes, citing triple-A data. This compares with 5% in the UK and her 3.3% in neighboring France.
Meloni, Italy’s first woman to head Rome’s executive branch and leader of the far-right Brothers of Italy party, had previously campaigned for tax cuts.
Her government’s current tougher stance on cryptocurrencies follows in the footsteps of Portugal, one of the EU’s most crypto-friendly members, which in October announced that it intends to impose a 28% tax on short-term cryptocurrency profits starting next year. Year. In addition, the recent bankruptcy of the virtual currency exchange FTX is a wave of bankruptcies in the virtual currency industry, and regulations are being strengthened worldwide.
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