Italy introduced a 26% tax on profits from cryptocurrencies

The Italian Parliament approved amendments to the 2023 budget, which involve the introduction of a 26% tax on capital gains received from the trading of digital assets. This is reported

According to CoinDesk, the Italian budget legalized crypto assets, defining them as “a digital representation of value or rights that can be transferred and stored electronically using distributed ledger technology or similar.”

The tax will be charged if there is a profit over 2 thousand euros.

Stamp duty will be applied to cryptocurrencies. Citizens will have an obligation to inform the tax authorities about such investments.

Previously formed by Georgia Meloni, the cabinet called on the citizens of the country to disclose the value of digital assets as of January 1, 2023 and pay a tax of 14%.

In October, the Portuguese Parliament submitted a draft budget for 2023, which involves the introduction of a 28% income tax on cryptocurrencies held for less than a year.

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