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Italy imposes a tax on cryptocurrency profits at 26%

Italy imposes a tax on cryptocurrency profits at 26%

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Answer Italy imposes a tax on cryptocurrency profits at 26%

Profits from cryptocurrency trading above €2,000 will be subject to capital gains tax at the rate of 26%.

According to budget articles announced on December 1, Italy intends to increase the regulatory burden imposed on cryptocurrencies in 2023 by extending its tax laws to cryptocurrency trading.

According to Bloomberg, the country proposes to include in its 2023 budget provisions for a 26% tax on profits gained from cryptocurrency trading above €2,000.

Due to the fact that digital currencies are traditionally viewed as foreign money, they have traditionally been subject to lower tax rates.

Taxpayers will be given the option to report the value of their holdings of digital assets from January 1 and pay a tax rate of 14% if the measure being considered is passed and signed into law.

Read:The Fed’s Fight Against Inflation Is Bad for Bitcoin According to Bitfury CEO

It is hoped that this will encourage Italians to include a declaration of their digital assets in their income tax returns.

According to statistics provided by Tripe A, 2.3% of the Italian population are cryptocurrency holders, which equates to about 1.3 million individuals.

Last October, Portugal, once a tax haven for cryptocurrencies, proposed a 28% tax on capital gains derived from cryptocurrencies held for less than a year.

The Portuguese government addressed the issue of taxation of cryptocurrencies in its government budget for fiscal year 2023.

This issue has previously been ignored by the tax authorities due to the lack of recognition of digital assets as legitimate forms of payment.

In order to address issues related to taxation and classification of cryptocurrencies, Portugal plans to develop a broad and appropriate tax structure covering cryptocurrencies.

Read:Announcing the opening of the deposit contract for Ethereum 2.0 and setting a date for the launch of the first version of the upgrade

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