Italy to introduce 26% tax on crypto profits in 2023 budget

The Italian parliament has approved a new capital gains tax on crypto gains in its 2023 budget, CoinDesk reported in a tweet on Dec. 30. The tax effective January 1, 2023 is set at 26%.

A new crypto tax in Italy

new tax Will apply to all crypto capital gains made by individuals and businesses in Italy and is expected to bring in significant revenue for the government. It will be implemented in January 2023 and will apply to all transactions done in the previous tax year.

If from capital gain cryptocurrency Gains will be taxed at a 26% tax rate if they reach €2,000 within the tax period. To encourage people to document their cryptocurrency earnings, the new law imposes a 14% “substitute income tax” on the value of assets held on January 1, 2023, rather than on cost at the time of acquisition.

Damages are allowed by the new rules Bitcoin The investment will be carried over to subsequent tax years and offset against earnings.

Italian government has Having said The tax aims to bring cryptocurrency gains in line with other investments such as stocks and real estate. This is expected to generate significant revenue for the government, which will be used to finance various public initiatives and programmes.

The new tax will apply to all profits made from cryptocurrency transactions, including buying and selling on exchanges as well as mining and staking. This will not apply to small transactions of less than 2000 Euros.

The Italian Parliament has also announced It will set up a task force to oversee and regulate the cryptocurrency market to ensure compliance with the new tax laws and protect consumers from scams and other illegal activities.

The move to tax cryptocurrency benefits has been met with resistance from the cryptocurrency community, who argue that it could deter investment and hinder the development of the sector.

Users Dissatisfied with BeerLife Handle complained that governments around the world, including the US, have the power to impose tax rates on cryptocurrency profits that can be invested in digital assets Financially unattractive. He believes that it is important for individuals and organizations to be prepared to advocate for fair and reasonable taxation of cryptocurrency profits.

However, supporters of the tax Argue It is necessary to bring the market in line with traditional forms of investment and ensure that it is taxed fairly.

Only time will tell how the new tax will affect the cryptocurrency market in Italy and whether it will achieve its intended goals. Regardless, the decision by the Italian parliament to tax cryptocurrency profits is a significant development that will be closely watched by the global crypto community.

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