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Gungun Bhatia
Dec 31, 2022
by Gungun Bhatia

Italian Parliament Endorses 26% Crypto-Gains Tax in Budget for 2023

Crypto-Gains Tax

Table of contents

  1. Italian Parliament Approves 26% Crypto-Gains Tax
  2. Alternate Income Tax for Investors
According to a new budget that was approved by the Italian Parliament on Thursday, crypto dealers in Italy would be liable to a 26% crypto-gains tax as of 2023.

Italian Parliament Approves 26% Crypto-Gains Tax

In order to help businesses and individuals dealing with the energy shortage, Italian Prime Minister Giorgia Meloni's 2023 stimulative budget includes 21 billion euros ($22.3 billion) in tax reductions. The proposal was finalized in a rush before the end of the year.

The 387-page budget legitimizes crypto assets in Italy, where they are still mostly uncontrolled, by describing them as a digital representation of value or rights, which may be exchanged and held electronically, using the technology of distributed ledger or comparable technologies.

Alternate Income Tax for Investors

Prior to the adoption of the Markets in Crypto Assets (MiCA) law, which guarantees a licensing structure and necessary companies' criteria for crypto-service operators in the 27-member bloc, Italy decided to impose a capital-gains tax on cryptocurrency.

If gains from cryptocurrency trading reach 2,000 euros per tax period, they are subject to a 26% rate. The new legislation also establishes an alternate income tax for investors, set at 14% of the value of the securities held as of January 1, 2023, rather than the cost at the point of acquisition, as an incentive for disclosing cryptocurrency earnings.

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Cryptocurrency Italy Crypto tax Markets in Crypto-assets (MiCA)
Italian Parliament Endorses 26% Crypto-Gains Tax in Budget for 2023
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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