TechBriefly
  • Tech
  • Business
  • Crypto
  • Science
  • Geek
  • How to
  • About
    • About TechBriefly
    • Terms and Conditions
    • Privacy Policy
    • Contact Us
    • Languages
      • 中文 (Chinese)
      • Dansk
      • Deutsch
      • Español
      • English
      • Français
      • Nederlands
      • Italiano
      • 日本语 (Japanese)
      • 한국인 (Korean)
      • Norsk
      • Polski
      • Português
      • Pусский (Russian)
      • Suomalainen
      • Svenska
  • FAQ
    • Articles
No Result
View All Result
 Hot Topics:
  • Funny notes on Instagram
  • What is Snapchat planets order?
  • Best free AI art generators
  • Instagram Notes ideas
  • Elon Musk & Twitter
TechBriefly
No Result
View All Result
Home Crypto

Italy will start imposing 26% crypto tax as of 2023

Like many other nations, Italy is cracking down on crypto.

by Önder Erdine
1 December 2022
in Crypto
Reading Time: 5 mins read
Beginning in 2023, Italy crypto tax will levy a 26% capital gains crypto tax on earnings. The new rule requires cryptocurrency owners to report their...
Share on FacebookShare on Twitter

Contents

  • 1 Italy crypto tax will be in effect as of 2023
  • 2 How is crypto taxed around the world?
    • 2.1 Crypto tax-free countries
  • 3 Worst countries when it comes to crypto taxation

Beginning in 2023, Italy crypto tax will levy a 26% capital gains crypto tax on earnings. The new rule requires cryptocurrency owners to report their existing holdings and pay a 14% tax on them. This is not the first time that a government put regulations into place to tax crypto earnings, as countries such as the United States, Australia, the United Kingdom, Canada, Belgium, Iceland, Israel, the Philippines, and Japan tax their residents for their crypto earnings. These taxes can go high as %50 in some cases.  While the likes of Germany, Switzerland, and Singapore has not yet implemented the taxation of crypto, they might also follow in the footsteps of the other countries we mentioned.

Italy crypto tax will be in effect as of 2023

From 2023 onwards, capital gains from cryptocurrencies will be taxed at a rate of 26% according to the new Italy crypto tax. The Italy crypto tax levy is being proposed by MPs in the country’s budget plans for 2023. Profits of more than 2,000 Euros will be exempt from the Italy crypto tax. Taxpayers will also be able to report the value of their assets beginning January 1, 2023. They will be taxed at a rate of 14% on these refunds. This is comparable to the new tax legislation imposed on India earlier this year. Before the higher tax rate was enacted, the Indian government permitted citizens to register their assets.

Beginning in 2023, Italy crypto tax will levy a 26% capital gains crypto tax on earnings. The new rule requires cryptocurrency owners to report their...
The new Italy crypto tax will come into effect in 2023

Until now, cryptocurrencies have been subject to foreign currency tax regulations that are much lower. The tax rise would undoubtedly irritate investors in the nation, whose capital gains will be reduced. In Italy, over 1.3 million people, or 2.3% of the population, possess cryptocurrencies and will be affected by the Italy crypto tax. This percentage is nowhere near as high as in some other European countries, but the administration obviously wants to put the regulations in place as soon as possible. Portugal, a country where cryptocurrency is immensely popular, has slapped a punitive tax rate of 28% on cryptocurrency.

The rising monitoring of the cryptocurrency sector in Italy is being matched by a drive for crypto firms to seek licenses. Gemini and Nexo have obtained licenses to operate as Virtual Currency Operators in the nation. Binance, Coinbase, and Crypto.com were also granted permission to operate in Italy early this year. The registration requires exchanges and other cryptocurrency providers to comply with AML and counter-terrorist funding legislation. These Italy crypto tax rules and registrations come as the European Union (EU) prepares to implement its MiCA legislation.

Beginning in 2023, Italy crypto tax will levy a 26% capital gains crypto tax on earnings. The new rule requires cryptocurrency owners to report their...
The residents of the country will also have to pay taxes for the crypto they already own

While numerous exchanges have been approved in Italy, there are concerns about the exchanges’ screening process. This is especially crucial in light of the FTX collapse, which has intensified the urge to impose regulations. Crypto companies just need to provide 10 pieces of information to register as virtual asset service providers. There are a few extra phases in the process, but overall, the registration procedure is rather simple. As a result, numerous crypto exchanges, even smaller ones, have been granted permission to operate in the nation. However, with the MiCA statute taking effect in 2024, regulatory activities may soon pick up.

Beginning in 2023, Italy crypto tax will levy a 26% capital gains crypto tax on earnings. The new rule requires cryptocurrency owners to report their...
Italy crypto tax comes as the MiCA is on its way to being implemented

How is crypto taxed around the world?

Many individuals appear to have begun to comprehend how cryptocurrency works. Since the introduction of cryptocurrency into the financial sector a few years ago, their interest has skyrocketed. Indeed, some financial experts believe that bitcoin is the currency of the future. However, now that bitcoin has taken off, the financial establishment should be careful of its usage in a decentralized market. Governments should also enact reasonable rules to protect investors and prevent cyberattacks on digital assets. One of the most pressing questions is how cryptocurrency gets taxed. We’ve covered the new Italy crypto tax, here are some other countries with crypto tax and regulations:

  • United States: The country regards cryptocurrency as an investment asset rather than a currency. The Internal Revenue Service (IRS) is aware that virtual money may be used to pay for goods or services or stored for investment purposes, according to Notice 2014-21. “Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, or a store of value.” Crypto is taxed as capital gains, with a federal tax rate ranging from 0% to 37%. The tax is known as capital gains tax (CGT).
Beginning in 2023, Italy crypto tax will levy a 26% capital gains crypto tax on earnings. The new rule requires cryptocurrency owners to report their...
Italy crypto tax is not unique as many countries tax crypto earnings already
  • Australia: In Australia, cryptocurrency is also regarded as an asset or trading stock. If the CGT is disposed of, it becomes an asset, and if it becomes a commercial activity for selling and purchasing assets, it becomes a trading stock.
  • United Kingdom: In the United Kingdom, cryptocurrency is likewise regarded as an asset. The HMRC has also published a guide for regulating crypto taxes. It argues that cryptocurrency is a personal asset that may be used for financial appreciation or specific purchases. Similarly to Australia, disposing of cryptocurrency necessitates a CGT.
  • Canada: Canada, like the other nations stated above, views cryptocurrency as an asset. Depending on the nature of the transaction, it may be subject to CGT or income tax.

Cryptocurrency is prohibited in several countries. Their nationals are not permitted to store cryptocurrency or make cryptocurrency transactions within their countries. Keep the following in mind:

  • China: The government is considering introducing its own digital money in the near future. It does not accept cryptocurrencies as legal tender. Furthermore, their financial institutions and banks do not allow cryptocurrency transactions.
  • Russia:  The country does not accept digital currency as legal tender. The Russian ruble is still the sole official currency.
Beginning in 2023, Italy crypto tax will levy a 26% capital gains crypto tax on earnings. The new rule requires cryptocurrency owners to report their...
While there are countries that implement tax for crypto like Italy crypto tax, some countries ban it altogether

Crypto tax-free countries

  • Germany
  • The Cayman Islands
  • El Salvador
  • Malaysia
  • Malta
  • Switzerland
  • Puerto Rico
  • Belarus
  • Singapore

Worst countries when it comes to crypto taxation

Belgium is well-known for its 33% capital gains tax on crypto transactions, as well as withholding up to 50% of professional income from crypto trades. Belgium enacted severe crypto taxation legislation in 2017. In Iceland, cryptocurrency earnings of up to $7,000 are taxed at 40%, while larger gains are taxed at 46%. The sale of cryptocurrency in Israel is normally subject to capital gains tax, which can reach 33%. If crypto trading entails a business income tax, it might be as high as 50%.

Beginning in 2023, Italy crypto tax will levy a 26% capital gains crypto tax on earnings. The new rule requires cryptocurrency owners to report their...
Belgium, Iceland, Israel, the Philippines, and Japan are some of the countries with the harshest crypto taxes

In the Philippines, any crypto revenue under $4,500 is tax-free, while any income beyond that is taxed at a rate of up to 35%. The country’s administration has also been mulling additional crypto taxes by 2024, increasing fears that Manila may follow India’s lead and levy a 30% flat tax on all crypto profits. Japan rounds out the top five worst countries for resident crypto taxes. For income classified as miscellaneous, the government uses a progressive tax rate scheme. The tax rate ranges from 5% to 45%, depending on overall profits. With Italy crypto tax coming into effect in 2023, maybe it will be regarded as a country with bad crypto taxation.

Laws and regulations around crypto are getting stricter every day and Italy crypto tax is just the latest development. If you wish to learn more about regulations on crypto, we suggest that you take a look at Brazil legalizes cryptocurrencies as a payment method, or crypto influencers can face market manipulation charges under MiCA.

Tags: Crypto taxfeatured

Related Posts

Premier League NFTs are on the way with Sorare

Premier League NFTs are on the way with Sorare

Oreoverse

Oreo leaps into Metaverse by creating Oreoverse

Elon Musk still supports DOGE and wants McDonalds to adopt it

Elon Musk still supports DOGE and wants McDonalds to adopt it

Goldman Sachs

Goldman Sachs has named BTC best-performing asset this year

POPULAR

How to become a BeyHive member
How to

How to become a BeyHive member?

ChatGPT is at capacity right now: Too many requests in 1 hour try again later (Fixed)
How to

Too many requests in 1 hour try again later (Fixed): ChatGPT is at capacity right now

What is Snapchat planets order?
How to

What is Snapchat planets order?

Soldier poet king quiz TikTok
Social Media

Soldier poet king quiz: TikTok trend explained

In this article, we are going to be covering how much is 1 million diamonds on TikTok, and answer some of the most frequently asked questions about the subject.
How to

How much is 1 million diamonds on TikTok?

How to do a 360 spin in Fifa 23
How to

How to do a 360 spin: FIFA 23 guide

Beyonce World Tour 2023
Geek

Beyonce World Tour 2023: Ticket prices, dates, and more

Answering the most common questions about the Instagram collab feature
How to

Answering the most common questions about the Instagram collab feature

Hogwarts Legacy patronus list (2023)
How to

Hogwarts Legacy patronus list (2023)

Bane of Dragons ESO
How to

Bane of Dragons ESO: How to complete the quest?

RSS Digital Report

  • What are copyright marketing materials?
  • What is Blockchain for business: Everything you need to know
  • How to become a certified blockchain expert?
  • Steve Jobs on marketing: What was his vision?
  • How to get SEO clients for your company?
  • SEO for enterprise guide: Strategies, tools and more
  • Top SEO podcasts: Strategies to boost SEO
  • Here are the top 10 blockchain certification courses
  • Blockchain open source: What is it and what are the best projects?
  • Top 5 questions about marketing: Examples and answers

RSS Latest from LeaderGamer

  • What year is the Hogwarts Legacy story set in?
  • PlayStation Plus Collection games take off
  • Star Wars Jedi Survivor will come with fast travel features
  • Werewolf The Apocalypse release date revealed
  • Hogwarts Legacy friend system
  • Monster Hunter Rise unlocked with crack despite Denuvo system
  • Control HDR mode might be what you’re looking for for gaming
  • Updated eShop for Nintendo Switch users
  • Hitman Freelancer safe opening – How to open safes?
  • Among Us violated the Geneva Conventions
TechBriefly

© 2021 TechBriefly is a Linkmedya brand.

  • Tech
  • Business
  • Science
  • Geek
  • How to
  • About
  • Privacy
  • Terms
  • Contact
  • LeaderGamer
  • FAQ

Follow Us

No Result
View All Result
  • Tech
  • Business
  • Crypto
  • Science
  • Geek
  • How to
  • About
    • About TechBriefly
    • Terms and Conditions
    • Privacy Policy
    • Contact Us
    • Languages
      • 中文 (Chinese)
      • Dansk
      • Deutsch
      • Español
      • English
      • Français
      • Nederlands
      • Italiano
      • 日本语 (Japanese)
      • 한국인 (Korean)
      • Norsk
      • Polski
      • Português
      • Pусский (Russian)
      • Suomalainen
      • Svenska
  • FAQ
    • Articles