Coinspeaker
Italy to Levy 26% Tax on Crypto Gains from 2023
As part of its 2023 budgetary plans, Italy will begin taxing crypto gains at about 26% tax for profits greater than $2062. While the bill may be amended in parliament, it shows the government’s interest in taking a tougher stance on digital assets.
Prior to the announcement, digital assets attracted lesser taxes and were treated as foreign currency. According to Triple-A data, only 1.3 million people, equivalent to 2.3% of the population, own crypto assets in Italy. In comparison with the UK and France which have 5% and 3.3% respectively, Italy still has a long way to go.
With the current bill to tax crypto gains more, there are suggestions this may prevent more crypto holders from jumping on board.
According to the bill, taxpayers who declare their digital assets by January 1, 2023, will only pay 14% as tax. Prime Minister Giorgia Meloni believes this will encourage Italians to declare their digital asset holdings when maki
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