ROME, Italy—The Italian Parliament has introduced a 26% capital tax on crypto-asset trading as a part of its budget law for 2023.
The budget describes cryptos as virtual, electronically distributed ledger-based wealth that can be stored and transferred, India Today said.
The 26% tax rate applies to gains from crypto trading if they exceed 2,000 euros per tax period.
The country has listed some incentives for crypto investors to encourage them to declare their holdings.
“Hence, the new bill also sets a ‘substitute income tax’ for investors at 14% of the value of the assets held as of Jan. 1, 2023, instead of the cost at the time of purchase,” India Today reported.
Similarly, losses arising from crypto investments, which are higher than 2,000 euros in a tax period, can be knocked off from profits and be carried out to the next tax period.
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