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  • Crypto-currencies
  • Italy

In brief: Italy imposes tax on crypto-assets

The Italian Parliament, composed of the Chamber of Deputies and the Senate of the Republic, has voted in favour of a bill whose aim is to tax any gain obtained on crypto transactions from the moment the profit exceeds 2,000 euros.

The state will deduct 26% of the total amount earned.

This rule is similar to the one adopted by Portugal in May 2022, which taxes at 28%.

In France, investors are subject to a 30% flat-rate tax.

As part of this new measure, Italy has also taken the time to define the term crypto. They will be seen as "a digital representation of value or rights, which can be transferred and stored electronically, using distributed ledger or similar technology".

Under the law, cryptocurrency owners are entitled to an amnesty for undeclared gains made in previous years by paying a "substitute tax" of 3.5%, plus a fine of 0.5% for each additional year.