-: FOLLOW US :- @theinsaneapp
According to the new budget approved by Parliament on Thursday, crypto traders in Italy will face a 26% capital gains tax beginning in 2023.
-: FOLLOW US :- @theinsaneapp
According to Reuters, the 2023 expansionary budget of Giorgia Maloni, the Italian Prime Minister, includes
-: FOLLOW US :- @theinsaneapp
21 billion euros ($22.3 Billion) in tax breaks for households and businesses facing the energy crisis.
-: FOLLOW US :- @theinsaneapp
Italy, where crypto is still largely unregulated in Italy, has enacted a budget of 387 pages that legitimizes crypto assets.
-: FOLLOW US :- @theinsaneapp
The budget defines crypto assets as "a digital representation or value or rights which can be transferred or stored electronically using the technology distributed ledger or similar technology."
-: FOLLOW US :- @theinsaneapp
The move by Italy (and Portugal) to introduce a capital gains tax on crypto is ahead of the European Union’s Markets in Crypto Assets regulation (MiCA).
-: FOLLOW US :- @theinsaneapp
This regulation promises a licensing framework and strict operating requirements for all crypto-service providers in the 27-member bloc.
-: FOLLOW US :- @theinsaneapp
If crypto trading gains exceed 2,000 euros per tax period, the 26% rate will apply.
-: FOLLOW US :- @theinsaneapp
The new bill provides an incentive to declare crypto profits.
-: FOLLOW US :- @theinsaneapp
It also establishes a substitute income tax for investors at 14% of assets' value as of January 1, 2023, instead of the purchase cost.