Italy imposes a 26% tax on crypto profits

The Italian Parliament approved amendments to the 2023 budget, envisaging a 26% capital gains tax on profits from trading digital assets. CoinDesk.

The budget legalises crypto assets, defining them as “a digital representation of value or rights that can be transferred and held electronically using distributed ledger technology or similar”.

The tax will be levied on profits exceeding €2000 ($2145).

Stamp duty will apply to cryptocurrencies. Citizens will have reporting obligations to inform the tax authorities about such investments.

Earlier, the government formed by Giorgia Meloni urged citizens to disclose the value of digital assets as of 1 January 2023 and to pay a tax of 14%.

Earlier in October, Portugal’s parliament introduced a 2023 budget proposal that includes the introduction of a 28% income tax on cryptocurrencies held for less than a year.

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