Amendments to Italy’s 2023 budget proposal envisage a 26% tax on capital gains realised from trading digital assets. Bloomberg reports.
The tax will apply to profits above €2,000 ($2,088).
Earlier, the Italian government treated cryptocurrencies and tokens as foreign currency, which would have entailed a lighter fiscal burden.
The cabinet formed by Giorgia Meloni urged citizens to declare the value of their digital assets as of 1 January 2023 and pay a 14% tax.
If the amendments pass, stamp duty will apply to cryptocurrencies. Citizens will have obligations to report such investments to the tax authorities.
Citing Triple A agency, about 1.3 million citizens (2.3% of Italy’s population) own digital assets. This share is significantly lower than in the United Kingdom (5%) and France (3.3%).
Earlier in October, Portugal’s parliament introduced its 2023 budget proposal, which envisages 28% income tax on digital assets held for less than a year.
Earlier in Italy, approval from the local regulator OAM to provide services to residents of the country was granted to Bitstamp, Crypto.com, Coinbase and Binance.
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