The new Italian government, chaired by Georgia Meloni, has seen its budget for the year 2023 largely approved by the various parliamentarians. The said budget, apart from various tax breaks, provides for the taxation of capital gains generated by investors once they exceed the threshold set at 2,000 euros.
Cryptocurrency gains now taxed at 26% in Italy
The Italian Parliament, made up of the Chamber of Deputies and the Senate of the Republic, has adopted the new budget presented for the year 2023, and cryptocurrencies are not exempt from changes.
The budget law, which covers the entire Italian economic spectrum, thus provides for a 26% tax on capital gains generated by investors on their cryptocurrency transactionsand this when they exceed the threshold set at 2,000 euros (or 2,110 dollars at the current price).
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Moreover, while cryptocurrencies have so far enjoyed the status of simple foreign currency on Italian soil, they thus benefited from a favorable tax policy towards them. Following the adoption of this new budget, the latter will benefit from a clearer definition :
“For the purposes of this letter, we mean by crypto-assets digital representations of value or rights that can be transferred and stored electronically, using a distributed ledger [Distributed Ledger Technology, ou DLT, NDLR] or similar technology. »
In order to encourage cryptocurrency investors to declare assets in their possession as soon as possible, the Italian government has announced that Italian citizens will benefit a preferential tax set at 14% if they make their declaration before January 1, 2023.
The budget mentioned here, which received a largely favorable reception from the various parliamentarians, was presented by the new government of Georgia Meloniin place since the legislative elections of September 2022.
Finally, it should also be remembered that this new measure follows the adoption of the MiCA regulation by the European Parliament last October. If the events turn out to be in accordance with the advanced calendar, MiCA should come into force from January 2024.
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Source: Senate (126-146)
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