Fun

Italian Parliament Approves 26% Tax for Cryptocurrency Gains in 2023 Budget Law

News Feed - 2023-01-02 07:01:42

Italian Parliament Approves 26% Tax for Cryptocurrency Gains in 2023 Budget Law


The Italian Parliament has introduced a 26% capital tax on cryptocurrency gains as part of the 2023 budget law, which was approved on Dec. 29. The document also offers incentives for taxpayers to declare their cryptocurrency holdings, proposing a 3.5% aliquot for undeclared cryptocurrencies held before Dec. 31, 2021, and a 0.5% fine for each additional year. Italian Parliament Passes Capital Gains Tax for Crypto


The Italian parliament greenlighted a new tax for cryptocurrency on Dec. 29, as part of its budget law for the year 2023. Senators approved the document presented on Dec. 24, which approved a 26% aliquot for cryptocurrency gains above 2,000 euros (approx. $2,060) during a tax period.


The capital gains tax for crypto had been proposed since Dec 1, when the draft for the budget law was presented. The approved document includes a series of incentives for taxpayers to declare their cryptocurrency holdings, proposing an amnesty on gains achieved, paying a “substitute tax” of 3.5%, and adding a 0.5% as a fine for each year.


Another incentive included in the budget law will allow taxpayers to cancel their capital gains tax at 14% of the price of cryptocurrency held on Jan. 1, 2023, which would be significantly lower than the price paid when the cryptocurrency was purchased.


In the same way, cryptocurrency losses higher than 2000 euros in a tax period will count as tax deductions and will be able to be carried out to the next tax periods. Italy’s New Cryptocurrency Tax Law Leaves Room for Interpretation


The law is clear about most of the key circumstances in which cryptocurrencies will be taxed. However, the law mentions that “the exchange between crypto assets having the same characteristics and functions does not constitute a taxable event.” This means that users will have to receive guidance to present their tax statements, as these assets having the same characteristics and functions have not been defined in the body of the law.


Italy, which lacks comprehensive cryptocurrency regulation, is following in the footsteps of Portugal. The European country included a similar capital gains tax at a rate of 28% as part of its budget law for 2023, a decision that might put in danger the status of the country as a haven for cryptocurrency companies and holders.


This proposal, revealed in October, also contemplates taxes on the free transfer of cryptocurrency and on the commissions charged by cryptocurrency exchanges and other crypto operations for facilitating cryptocurrency transactions. Tags in this story 26%, budget law, capital gains, Europe, incentives, italian parliament, Italy, Portugal


What do you think about the 26% capital gains tax approved by the Italian Parliament for 2023? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. US Government Delays Tax Reporting Rules for Cryptocurrency Brokers TAXES | Dec 25, 2022 Brussels Wants All Crypto Service Providers to Report Transactions of Europeans TAXES | Dec 9, 2022


Image Credits: Shutterstock, Pixabay, Wiki Commons, Cristian Storto, Shutterstock.com Previous articleIntegrating Decentralized Cross-Chain Communication Makes Bridges ‘Substantially Safer’ — Flare CEO Next articleDisputed Venezuelan Gold Worth $1.8B in Bank of England Vaults Remains Uncertain After Dissolution of Interim Government Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms

News Feed

Bitmain Reveals Hydro Bitcoin Miner With 198 Terahash, Produces Almost Double the Power of Today’s Top Machines
Bitmain Reveals Hydro Bitcoin Miner With 198 Terahash, Produces Almost Double the Power of Today"s Top Machines One of the largest bitcoin mining rig manufacturers in the world, Bi
Ethereum Classic Hashrate Taps an All-Time High, ETC Hashpower Jumped 39% Higher in 4 Days
Ethereum Classic Hashrate Taps an All-Time High, ETC Hashpower Jumped 39% Higher in 4 Days On August 20, 2022, Ethereum Classic’s hashrate reached an all-time high at block
SUI Cloud Zones Tell A Story — And The Next Chapter Could Be Parabolic
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Cointelegraph Innovation Circle9 hours ago16 tips to help blockchain companies refine their marketing messagesBlockchain companies aren’t just selling themselves; they’re also selling the industry’s technology and
Ticket Marketplace Giant Ticketmaster Chooses Flow Blockchain for NFT Push
Ticket Marketplace Giant Ticketmaster Chooses Flow Blockchain for NFT Push This week, Ticketmaster Entertainment, Inc. revealed the company will give event organizers the ability t
Senators pressure SEC’s Gensler not to approve any more crypto ETFs
Tom Mitchelhill7 hours agoSenators pressure SEC’s Gensler not to approve any more crypto ETFsTwo Democratic senators argue that any further approvals would expose investors to risks including “fraud and manipulation.
William Suberg7 hours agoBitcoin risks 15% dip by October, but $100K is due in 2026 — AnalysisBitcoin falling back to $25,000 would mark its “last big dip” before the next BTC price bull run, says Cane Island’s T
Helen Partz2 hours agoStandard Chartered-owned crypto platform Zodia launches in Hong KongDemand for crypto in Hong Kong is mainly driven by institutional investors rather than retail customers, Zodia CEO said.1298 Total
Centralized crypto exchanges are key for mass adoption, despite FTX collapse — X10 CEO
Zoltan Vardai11 hours agoCentralized crypto exchanges are key for mass adoption, despite FTX collapse — X10 CEOHybrid, non-custodial exchanges could help restore industry trust in crypto, but CEXs remain key for onboar
Judge denies SEC attempt to hamper Tron’s defense amid dismissal ploy
Martin Young4 hours agoJudge denies SEC attempt to hamper Tron’s defense amid dismissal ployJustin Sun and his associated companies are “not challenging the ‘common enterprise’ element of the Howey test,” ruled
Turner Wright8 hours agoApple secures rights to book on Sam Bankman-Fried for $5M: Report“Big Short” author Michael Lewis’ book on the former FTX CEO is scheduled to be released on Oct. 3, the day SBF’s criminal
ApeCoin Faces Strong Resistance As Bears Seize Control At $1.755
Este artículo también está disponible en español. ApeCoinis facing a tough setback as bearish momentum intensifies, with the price hitting a strong resistance at $1.755.