Italy adopts a 26% tax on crypto capital gains

The Italian Senate adopted the increased crypto trading tax rate as part of the 2023 budget legislation.

Italy’s Senate adopted its budget for 2023 on December 29, 2022, only days before the year’s end, and it includes a tax rise for crypto investors: a 26% tax on capital gains from trading crypto-assets in excess of 2,000 euros.

The passed law defines crypto assets as “a digital representation of value or rights that may be electronically transferred and held utilising distributed ledger technology or comparable technologies.” Previously, crypto assets were taxed less than other assets because of their status as a foreign currency in the nation.

According to Cointelegraph, the measure also specifies that starting on January 1, taxpayers would have the option to register the value of their holdings in digital assets and pay a 14% tax, which is meant to incentivize Italians to reveal their digital assets.

In addition to lowering the retirement age, tax amnesties and fiscal incentives for employment development are also new features of the budget bill. In addition, it provides tax incentives of $22.4 billion (21 billion euros) to help firms and people weather the energy crisis.

When elected in September, Giorgia Meloni became the first woman to serve as Italy’s prime minister. Despite campaigning on a platform of sweeping tax cuts, her measure was met with widespread support from the legislature.

Local media have reported that in an effort to reduce gas consumption throughout the country, the Italian government has mandated that buildings go without central heating for more than 15 days and that residents turn down their heating systems by one degree and leave them off for an extra hour every day in the dead of winter.

Also Read: World Economic Forum Envisions Crypto’s 2023 Future

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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