The 26% capital additions assessment will be forced on digital money exchanging benefits bigger than 2,000 euros ($2,062).
According to budget documents released on December 1, Italy intends to tighten regulations on digital currencies in 2023 by expanding its tax laws to include cryptocurrency trading.
According to Bloomberg, plans to levy a 26% tax on cryptocurrency trading profits greater than 2,000 euros (or $2,062) are included in its budget for 2023.Because they were regarded as “foreign currency,” digital currencies have historically benefited from lower tax rates.
Taxpayers will have the option to declare the value of their digital asset holdings as of January 1 and pay a 14% tax if the proposed bill is enacted into law. Italians will be encouraged to declare their digital assets on their tax returns as a result of this.
Tripe A data indicate that crypto assets are owned by approximately 1.3 million people or 2.3% of the Italian population. By July 2022, it was estimated that approximately 57% of crypto users were male and 43% were female, with the majority of users between the ages of 28 and 38.
It would appear that Italy is following Portugal’s lead. A 28% tax on capital gains from cryptocurrencies held for less than a year was proposed in October by Portugal, which was once known as a cryptocurrency tax haven.
In its 2023 state financial plan, the Portuguese government tended to the tax collection from cryptographic forms of money, which had been recently left immaculate by charge specialists in light of the fact that advanced resources were not perceived as lawful delicate.
In order to address the taxation and classification of cryptocurrencies, Portugal intends to establish a “broad and adequate” tax framework. Capital gains and mining and trading of cryptocurrencies are both covered by the proposed tax bill.