Reports say that Italy plans to put a capital gains tax on digital assets starting in 2023. This is part of an effort to get a stronger regulatory foothold in the cryptocurrency industry. According to the country’s budget plans for 2023, people who trade digital assets and make capital gains of more than 2,000 euros would be taxed at a rate of 26%.
The bill wants to make the system more open by having people report what digital assets they own. So, under the proposal of Prime Minister Giorgia Meloni’s cabinet, taxpayers would be able to report the value of their assets as of January 1, 2023, for a 14% tax.
There are requirements for transparency and a tax on digital currencies that are part of the proposed law. But the legislature can still make changes to the bill.
Related: This December, you must have these five cryptocurrencies in your wallet.
Portugal, which is also in Europe, suggested in October that capital gains from cryptocurrency held for less than a year should be taxed at a rate of 28%. It also called for a 4% tax on the free transfer of cryptocurrency and a 4% tax on fees charged by middlemen in the cryptocurrency market.
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