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Cryptocurrency tax regime


The tax regime of cryptocurrencies for non-entrepreneurs is contained in the art. 67 of the Consolidated Law on Finance: miscellaneous income of a financial nature includes capital gains and other income realized through reimbursement or transfer for consideration, exchange or holding of cryptocurrencies, however denominated. Therefore, capital gains deriving from the reimbursement, transfer for consideration, exchange and holding of crypto-assets are subject to taxation. It should be noted that the capital gains referred to in art. 67 of the TUIR are determined on the basis of the difference between the consideration received, or the normal value of the exchanged assets, and the cost or purchase value of the same. Furthermore, the law provides that such income is not subject to taxation if it is lower, overall, than €2,000 in the tax period. Having said this, in the event that there is no capital gain, nothing is due for direct tax purposes. With regard to monitoring, it should be noted that until 2022 there is an obligation to complete the RW part of the PF income model even if the cryptocurrencies are held on a USB stick, on a mobile phone or on a PC: these activities had to be considered of foreign sources in the extent to which the wallet was not held by a resident intermediary. Starting from 2023, the instructions for the income model specify that virtual currencies (including cryptocurrencies) must be indicated in the RW table. The euro value of the virtual currency held on 31 December of the reference period must be determined at the exchange rate indicated on that date on the site where the taxpayer purchased the virtual currency. In subsequent years, the taxpayer will have to indicate the value held at the end of each year or on the date of sale in the case of virtual currency sold during the year. Furthermore, from 1 January 2023 cryptocurrencies are also subject to stamp duty and a tax on the value of crypto-assets which reflects the IVAFE regulations: for both taxes a proportional rate applies by 0.2%.

Source: Il Sole24Ore


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