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Friday, February 23, 2024

Crypto Tax News: Italy plans to begin taxing 26% on cryptocurrency profits in 2023

The Italian authorities plan to start taxing capital gains from cryptocurrencies at a rate of 26% from 2023. The country’s legislators are proposing to introduce this tax in their budget plans for 2023.

It is reported by Bloomberg.

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It is known that the tax will only apply to incomes exceeding 2,000 euros.

Taxpayers will also be able to declare the value of their assets as of January 1, 2023. They will pay tax at the rate of 14% on these declarations. This is similar to the new tax laws that were introduced in India earlier this year. The Indian government has allowed citizens to declare their property ahead of schedule before higher tax rates are introduced.

Up to this point, cryptocurrencies in Italy were subject to foreign exchange taxation laws, which are much lower.

Italy’s stance on cryptocurrencies comes after Portugal, one of the most crypto-friendly countries in Europe, unveiled its plan for taxing short-term income from digital assets at a rate of 28% in October.

By the way, every crypto-enthusiast, before starting to work with a certain crypto-coin, must analyze it. The article at the link below told what services are convenient to use to analyze cryptocoins.

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