Italy introduced a 26% tax on profits from cryptocurrencies

Italy min
Italy min

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 CoinDesk.

The Budget legitimizes crypto assets by defining them as “a digital representation of value or rights that can be transferred and stored electronically using distributed ledger technology or similar.”

Tax will be levied on profits over €2,000 ($2,145).

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%.

Recall that in October, a draft budget for 2023 was submitted to the Parliament of Portugal, which involves the introduction of a 28% income tax on cryptocurrencies held for less than a year.

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