Italian government plans to tax crypto profits at a 26% rate from 2023.
The center-right coalition in power is also preparing to oblige Italians to declare their digital assets and pay 14% on their holdings.The authorities in Rome look poised to expand and tighten the regulations for disclosure and taxation of digital assets. The change is likely to come with Italy’s 2023 budget which is expected to target profits from crypto wealth and trading.
The ruling coalition, which was elected in late September, also offers taxpayers the option to declare the value of their digital assets as of Jan. 1, 2023 and be taxed at a 14% rate. The goal is to stimulate Italian taxpayers to disclose their holdings in their tax returns. Around 1.3 million Italians own crypto assets, the report notes, quoting Triple A data. That compares to the United Kingdom’s 5%, and 3.3% in neighboring France.
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