The 2023 Budget Law was approved by the Italian Parliament with a 26% tax on cryptocurrency gains

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The 2023 budget law was passed by the Italian Parliament on December 29 and includes a 26 pital tax on bitcoin gains.

The document also suggests a 3.5% aliquot for undeclared bitcoins held before December 31, 2021, and a 0.5% punishment for each consecutive year, as incentives for taxpayers to disclose their cryptocurrency holdings.

The Italian Parliament Adopts a Cryptocurrency Capital Gains Tax

In its budget law for 2023, the Italian parliament approved a new tax on cryptocurrencies on December 29.

The proposal presented on December 24 was accepted by senators, and it approved a 26% aliquot on bitcoin gains over 2,000 euros (about $2,100).

Since the budget law’s draft was unveiled on December 1st, the capital gains tax on cryptocurrencies has been suggested.

The approved paper proposes an amnesty on gains made, paying a 3.5% “substitute tax,” and adding a 0.5% fee for each year as incentives for people to report their cryptocurrency holdings.

Another inducement in the budget law will let taxpayers cancel their capital gains tax at 14% of the value of bitcoin retained on January 1, 2023, which would be a lot less than the cost paid when the cryptocurrency was bought.

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