Italy's parliament has backed Prime Minister GiorgiaMeloni's 2023 budget, which introduces a 26% capital gains tax for crypto. iamsandali reports
regulation that promises passportable licensing frameworks and stringent operational requirements for crypto service providers in the 27-member political and economic union.
The 26% rate applies to gains from crypto trading if they exceed 2,000 euros per tax period. As incentive for declaring their crypto, the new bill also sets a"substitute income tax," for investors at 14% of the value of the assets held as of Jan. 1, 2023 . According to the new rules, any capital losses from crypto investments"are greater than the capital gains, for an amount greater than 2,000 euros, the excess is carried forward as a deduction in full from the amount of capital gains for the periods following, but not later than the fourth, provided that it is indicated in the declaration of income relating to the tax period in which losses have been realized.
However, investors may require some additional guidance on what qualifies as a taxable event as the document also says,"the exchange between crypto-assets having same characteristics and functions," does not constitute a"fiscal case."
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