New 26% Capital Gains Tax On Crypto Gets Approved In Italy
On December 29th, 2022, the Italian Senate approved its budget for 2023, which included a tax increase for crypto investors. This increase involves a 26% tax on capital gains regarding crypto-asset trading of more than 2,000 Euros.
Crypto assets are defined in the approved legislation as a digital representation of value or rights which may be transferred and subsequently stored electronically utilizing distributed ledger technology or anything similar. In the past, crypto assets in Italy were taxed as foreign currency, which meant lower taxes.
The bill also states that taxpayers will be able to declare the value of their digital-asset holdings as of January 1st and pay a 14% tax, a move designed to motivate Italians to declare their digital assets.
Elswhere, other budget law changes involve tax amnesties to lessen penalties for late tax payments, fiscal incentives for job creation, and a reduction in the retirement age. The changes additionally include tax breaks worth 21 billion Euros for households as well as businesses dealing with the ongoing energy crisis.
The new legislation comes shortly after the approval of the MiCA (Markets in Crypto Assets) bill on October 10th, which established a consistent crypto regulatory framework for 27 nations within the European Union. MiCA is scheduled to take effect in 2024.
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