Italian Government Approves 26% Crypto Gains Tax in 2023

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The Italian Parliament has given its approval for a 26% tax to come into effect on December 30 for any cryptocurrency-related profit above 2,000, as reported by Cryptoslate.

According to Cryptoslate, the Italian budget for 2023 includes this new piece of legislation. Cryptocurrencies are characterized in the budget as a virtual representation of value based on an electronic distributed ledger that can be owned and transferred.

Additionally, tax relief totaling $21 billion ($22.3 billion) is being requested in the budget to help struggling households and businesses across the country, Cryptoslate noted.

Additionally, Prime Minister Giorgia Meloni’s administration in Italy wants to encourage owners of crypto-assets to disclose their holdings. Holders who comply will be able to pay a 14% tax on their holdings from January 2023 instead of the purchase price, which is intended to encourage compliance.

Beyond Italy, other European countries have moved to impose higher taxes on cryptocurrency earnings, Cryptoslate noted. Portugal recently implemented a 28% tax on all cryptocurrency profits. The Portuguese government also plans to start taxing free cryptocurrencies, including airdrops, at a rate of 10% and commissions from cryptocurrency brokers at a rate of 4%, Cryptoslate noted.

(With information from Cryptoslate)

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