The provision in Italy made out a budget of 2023 that aims to extend a 26% levy on capital gains to digital assets for profits larger than 2,000 euros ($2,062.3). So far, Italy’s tax authority has considered digital coins and tokens as foreign currency, resulting in lower taxation on crypto trading.
The bill, put forward by Prime Minister Georgia Meloni’s government, gives taxpayers the option to declare the property’s value at 14% tax until January 1, 2023, this encourages Italians to use their digital potential in their tax returns. Bloomberg reports that the proposed law that may be amended in parliament includes disclosure obligations and extends the stamp duty of cryptocurrency.
Italy decided this after Portugal, one of Europe’s most crypto-friendly nations, planned to tax short-term gains on digital assets at 28% in October. According to Triple-A data, about 1.3 million people, or 2.3% of the population, own crypto assets in Italy, with the UK at 5% and France at just under 3.3%.
Also Read: Italy Considers Reducing Crypto Tax Hike from 42% to 28%
